According to local news reports, the South Korean government is planning to tax crypto gains in the country. The tax bill will be drawn up by the first half of next year. If the bill is implemented, then crypto-traders may have to submit a detailed history of their trading deals.
The Korean National Assembly is working on the crypto taxation bill.
Currently, South Korea accounts for nearly 20% of the world’s cryptocurrency transactions. According to the Korean Times report, the Ministry of Economy and Finance is working on building the measure that will become a tax bill from 2020. The crypto taxation bill that the National Assembly is working on will remove the privacy element in cryptocurrency trading.
Ukraine is also planning on taxing crypto gains.
In November, Ukraine also proposed a draft bill that would tax crypto gains. According to the proposed bill, Ukraine will impose a 5% tax on crypto gains for the first five years, and then it would increase it to 18%. Earlier, the US Internal Revenue System (IRS) had sent 10,000 letters to taxpayers who they had suspected made profits from crypto trading. And recently, IRS released a tax form that asks for crypto transactions.