South Korea Ponders Over Imposition Gradual Income Tax On Cryptocurrencies Within Countr…

Asia has become a burgeoning market for the cryptocurrency industry, and countries like the United States have become wary of it. South Korea, one of the countries active in the cryptocurrency industry, has recently proposed new laws on digital assets.

Tax experts in the country talked about how digital assets need to be taxed on the basis of the country’s projected growth rate. This was discussed in a recent public seminar in South Korea.

Officials of the Korean Tax Policy Association recently argued that profits derived from crypto trading should be taxed on transfers of income.. According to them, the transfer income defined by the Income Tax Act must also include cryptocurrencies. They added:

“Still, related laws are still absent and the taxation infrastructure is still insufficient to cover cryptocurrencies and, as such, some supplements need to be added on the expense calculation side.Acquisition costs need to be clarified for transfer income tax imposition, but…