Amid the growing opposition to the new cryptocurrency tax regime in South Korea, finance minister Hong Nam-ki confirmed that the government will begin taxing capital gains from crypto trading starting next year. “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” the minister said when asked whether the tax should be delayed until the state has proper industry oversight in place, Reuters reported Tuesday. Hong emphasized that cryptocurrencies like Bitcoin (BTC) will be taxed as “intangible assets,” noting that it was a “misunderstanding” to view them as currencies. The minister also warned that crypto …
South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. According to local newspaper E Daily on May 27, the ministry also mentioned including the profits generated by initial coin offerings, or ICOs. This is tantamount to a change in the country’s rhetoric towards ICOs, which are still banned across the country. The report specifies that crypto-to-crypto transactions, such as Bitcoin (BTC), will be “likely” exempt from the proposed amendment and only seeks …
Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …
Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, said that the authority is considering a tax scheme for capital gains generated from cryptocurrency trades, Reuters reported on Tuesday. “It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” the official stated. Noor said that Indonesian taxpayers who receive capital gain from crypto trades would have to pay the tax and report it to the government. The official noted that the new crypto tax scheme for capital gains has not been implemented …
Cryptocurrencies may render some outdated regulations obsolete, according to crypto-anarchist and white hat hacker Pavol Luptak. According to Luptak, “cryptocurrencies or crypto markets may undermine government laws and regulations that are obsolete for the 21st digital century.” He said, “I can say the Space Age technology will help us to escape from the Bronze Age rulership. Despite the fact that rulers will not like it.” “Although we spend a significant part of our lives in an unlimited borderless virtual online world, we are still trying to enforce the territorial laws valid for the physical world. I don't think it makes …