South Korea Introduces a Tax on Cryptocurrency

October 13, 2017

South Korea Introduces a Tax on Cryptocurrency

The authorised representative of the National Revenue Service of South Korea, Han Seung Hee, answered the questions of variants to impose taxes upon cryptocurrency, in particular Bitcoin, at the meeting in Sejon.  At the same time, he noted that Japan and the United States are also developing a project to create and implement a cryptocurrency taxation system.

“The United States of America participates actively in virtual money taxation, considering they are assets. The USA and Japan must be active.  More than that, we are still on the stage of discussing the issue of the way to cryptocurrency taxes, it is necessary to figure out exactly, whether it will be a value-added or profit tax,” he said.

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