South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency.Full Source hereThis is such good news for South Korean Investors being concerned and conservative on their investments for their future assets.It could be one of the most important news thus boosting Bitcoin's price a little bit since yesterday's small drop ($6.800 ~ $7.300)
Altough it's only a temporary implementation as the government is thinking of an upcoming law to legalize it and so taxing will be imposed.
Do you think it will be good for South Korean Investors or it will make those leave as soon the law hits them? @DreamStage this news should have a positive impact on bitcoin prices, because South Korea has a big crypto community which became inactive due to the various regulations imposed on it by their government. It’s also pertinent to note that if South Korea’s government decides to tax crypto’s income, then they’ll be compelled to accept it as a legal tender which will further fuel up bitcoin prices.
https://www.investopedia.com/news/why-south-korea-so-important-bitcoin-prices/Agreed, this is some welcome news. Still hoping to see a little bit better outlook this year for Korean investors. I would love for the government to finally give it a little more recognition.
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