Taxman cometh for cryptocurrency in South Korea

South Korea is the world’s third-largest market for bitcoin trading, and a region known to influence cryptocurrency prices—which makes today’s news all the more impactful.

The Korea Times reports that South Korea’s Ministry of Economy and Finance is “pushing” for taxes on capital gains from cryptocurrencies that could be included in tax regulations in coming months. A ministry official confirmed that “discussions” had been taking place and a “revised bill will be drawn up by the first half of next year.”

For such legislation to be passed, South Korea may need to more closely define virtual assets and cryptocurrencies. It will also need to decide if cryptocurrency gains are to be classified in the same way as profits from stock market trading—or, instead, like income from property dealings. To impose taxes, South Korea may also begin to seek trading records from cryptocurrency exchanges, as other countries have done.

The South Korean National Assembly is…