The South Korean authorities plan to impose a tax on the income from cryptocurrency

The South Korean government is considering the introduction of a tax on income from bitcoin and other cryptocurrencies, reports the Finance Magnates.

The Minister of economy and Finance Hong Nam-Ki said that the working group consisting of representatives of government agencies and private experts, studying the experience of other countries in this direction. The authorities intend «to enter the correct taxation of virtual currencies,» the official added.

According to him, this issue is still at an early stage of discussion. Hong Nam-Ki also said that the government is considering the idea of taxation with the ICO campaigns, but there is no clear understanding how this will happen.

«We need to adopt a cautious approach to the ICO, given the situation in the market, international trends and challenges in the protection of customers,» he said.

ForkLog previously reported that under pressure from the authorities in South Korea have closed the exchange Zeniex.


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