July 21, 2018

South Korea: Experiences of 10% Tax on Cryptocurrency Gains Are Fake

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South Korea’s Ministry of Finance has denied experiences of 10% profits tax on cryptocurrency investments. 

10% Tax on Crypto Grains is Fake News
Taxation has been a warm subject matter in the cryptocurrency earth this yr. Governments want their piece of the pie and traders are nervous to know how terribly their tax collectors system to gouge them.
The good news is, a lot of governments have now introduced their stances on the subject. Some have decided on total leniency—as with Thailand who waived taxes on cryptocurrency gains altogether—but many others have taken cruel action to discourage investors as with the United States who imposed a money gains tax on each individual single microtransaction.

A single nation that has remained rather tranquil on the subject is South Korea and that has led to a large amount of speculation from Korean crypto lovers.
Not long ago, experiences have been circulating, stemming from an post in Korean newspaper Chosun Ilbo, of an unknown higher-position formal from South Korea’s ministry of finance purportedly divulging designs of an imminent ten per cent tax on all cryptocurrency trades:
We have now resolved to tax income from investments in cryptocurrency. The query is only how considerably time we should give investors and when …

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