Capital gains from transactions involving virtual currencies such as bitcoin may soon be taxed in South Korea, according to a report by the Korea Times.
The publication refers to government sources, and confirmation received from the Ministry of Economy and Finance. According to the report, a ministry official stated that related discussions have been occurring, and that there is a revised bill that will be “drawn up” by the first half of next year.
In addition, at the subcommittee level, there is a bill that will enhance transparency of virtual asset trading. If the bill were to pass, it will go into effect a year after the regulation is established.
The wrinkle, according to the report, is that there is still a less-than-clear definition of virtual assets. That is, the government has still not clarified if gains from virtual asset trading are considered gains from stock trading or real estate transactions.