South Korea Bitcoin News

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The Ministry of Economy and Finance of South Korea has recently proposed amendments to the existing taxation laws.

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The South Korean government is preparing a bill to ban trading in all cryptocurrencies including bitcoin. The bitcoin price in South Korea extended loss following the latest regulatory announcement, down 3.34 percent at $12,699 as of 0409 GMT, according to Bithumb, the country’s second-largest. Beste Spielothek In Reisen Finden Mybet Wettprogramm Beste Spielothek In Neubachling Finden Online.

The banks will be joined by representatives from Japan’s big business and the government to lay out how to create shared.

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Bitcoin transaction fees are cooling off after 28-month highs earlier in May. South Korea considers taxing cryptocurrency.

According to local media reports, South Korea will start taxing Bitcoin and other cryptocurrencies starting next year. The tax will also apply to Bitcoin mining activities and revenues from ICOs after parliament’s approval. With the support of the country’s Ministry of Economy and Finance, the Ministry of Information and Technology proposed to make amendments to the existing tax law.

Korea will join countries such as the United States, Japan and Germany in levying income tax on crypto transactions.