South Korea will not impose crypto-tax transactions on taxes

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This was reported by representatives of the Ministry of Strategy and Finance of the Asian country

Earlier, on June 22, the Korean news agency, citing unnamed sources in the country’s government, said that Korea is preparing to impose taxes on crypto-currency transactions. Regardless of the amount of the contribution, the tax charge was claimed to be 10%.

Today, however, the Ministry of Finance of South Korea has refuted these statements. Despite the newspaper’s assurance that the decision on taxation has been made and it remains only to “give time to investors,” the press service of the ministry called the publications untrue.

Shortly after the publication of the article, rumors spread that the Korean government classifies crypto-currencies as “other revenues,” thus refusing to recognize them as an investment or financial instrument. Nevertheless, the government has already stated that the discussion of such complex and complex measures is a long process, requiring the introduction of additional rules. For example, local exchanges will need to collect personal customer data to tax their transactions. Some media believe that against the background of positive news, the volume of trading on the Korean stock exchanges may increase, but whether the token rate will grow is still unclear.

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