South Korea’s ministry of strategy and finance is reportedly planning to announce a cryptocurrency taxation framework by June’s end this year. The government is expected to begin taxation in 2019.
In the aftermath of the recently concluded Finance Ministers’ meeting at this year’s G20 summit, South Korea is planning to unveil its cryptocurrency tax plan alongside the G20’s own plan to field recommendations for regulating the crypto sector by July 2018.
According to Korean publication Financial News, the Ministry of Strategy and Finance is considering crypto adopters’ capital gains tax and other income taxes as possible inclusions for its tax plan.
An official from the ministry stated:
We do not have a specific time frame, but we are thinking about announcing a virtual money tax in the first half of the year.
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