South Korea To Release Crypto Tax Framework By end of June
According to reports from South Korean local news network FNN, The Ministry of Strategy and Finance is planning to prepare a virtual money taxation plan by the end of June.
The announcement came after the meeting of the G20 that took place on March 19-20. The government will hold the virtual currency international conference in Seoul and the second working session of the G20 financial system in June.
An official of the Ministry of Strategy and Finance said on the 25th,
“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.”
In the G20 summit held earlier, it was concluded that cryptocurrencies don’t pose a threat to the financial stability at the moment, but it was also mentioned that Crypto-assets would become bigger then they could be a threat to the current financial system if not monitored and regulated properly.
So it is no doubt that the regulations will impose regulations at some point and with the recent developments in South Korea it seems likely that regulations will be made clear by July. For other countries, we will have to wait until the G20 decides to move forward with this.
Japan seems to be in the forefront of the crypto regulations and now South Korea might catch up and so will other countries as time goes by.South Korea is one of the largest markets for cryptocurrencies and the regulations from South Korea would be critical.
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