The South Korean government plans to tax capital gains from foreign exchange transactions. The Korea Times report of 9 December reveals that by the first half of 2020. The Ministry of Economy and Finance of the country will prepare a revised bill introducing this measure.
In parallel, the Korean National Assembly is in the process of drafting a bill to increase transparency in cryptographic currency trade. If adopted, the new regulations will enter into force one year after the plenary session of the Assembly.
While the government's capital gains bill is said to be implemented independently of related legislation, the Korea Times notes that a more adequate definition of cryptographic currencies and digital assets will be necessary to ensure transparency of government intervention.
Among the issues to be clarified is whether the gains from cryptographic technology should be considered similar to gains from a stock exchange or property transaction.
To implement its tax plans, the government could therefore need access to commercial registers on cryptographic currency exchanges, which is already the practice in countries such as the United States.
