South Korea plans to levy 20% income tax on cryptocurrency transactions from next year
The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired by Koo Yoon-cheol, head of the government policy coordination under the Prime Minister's Office.
Gains from cryptocurrency transactions will be classified as "miscellaneous income" and will be subject to a 20 percent tax starting next year.
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Authorities also decided to extend the government's special campaign period for monitoring and clamping down on illegal activities in the virtual asset market until September.
The government also reiterated its stance that "virtual assets cannot be recognised as (real) currency or financial products" and that "no one can ensure" the currently-traded market value of virtual assets.
Authorities also plan to restrict cyrptocurrency-related business operators from making transactions using their own companies, in order to prevent price manipulation and unfair activities.
According to FSC, the number of domestic cryptocurrency trading companies stood at around 60 as of May 20.
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