The government of South Korea revealed that it is studying approaches of other major countries to amend its tax laws regarding cryptocurrencies. But as of now, there is no law in the country that explicitly says that income from crypto trading is taxable. No tax from crypto trading applies only to individuals.
Authorities are looking to amend the current tax laws.
Even though currently crypto profits are not taxable in South Korea, it might change in the near future. The Ministry of Economy and Finance has been pushing to include profits earned via crypto to be taxed. According to reports, the ministry is planning to introduce such a bill by the mid of this year. The officials said that the crypto assets would require a legal status before they can be added to the law.
Bithumb slapped with a $69 million bill for withholding taxes.
Earlier, South Korean exchange Bithumb was hit with an 80 billion won bill by the National Tax Service for withholding tax on trades conducted by foreign customers on the exchange. One of the largest cryptocurrency exchanges in South Korea, Bithumb, has claimed that it did not withhold any taxes, and it is preparing to file a lawsuit against the National Tax Service.