The South Korean government plans to enforce tax laws on cryptocurrency transactions and several other sectors such as the mining industry and ICOs. If everything goes smoothly, the tax will be able to be enforced starting next year (2021). The odd thing from this announcement is the plan to tax ICOs or initial coin offerings. The problem is, ICOs are still restricted in South Korea as of today. This news hints that South Korea is probably ready to lift its ban on ICOs.
It’s also believed that the tax plan on cryptocurrency transactions will adopt similar securities tax regulations, which means only profitable crypto trades will be subject to taxation. Standard crypto/crypto trades might not be taxed.
