The South Korean government wants to start taxing residents’ cryptocurrency-related profits.
The country’s Ministry of Economy and Finance is pushing for the measure to be implemented next year, local news outlet The Korea Times reported Sunday, citing “government sources.”
"Related discussions have been taking place. The revised bill will be drawn up by the first half of next year," an anonymous ministry official told the news outlet.
The government is reportedly seeking to levy capital gains tax on cryptocurrencies regardless of the bill's passage. To that end, the government will need to have a precise definition of cryptocurrencies and decide how it will tax crypto gains - in line with stocks or real estate capital gains, per the report. The government will also reportedly have to get trading records from cryptocurrency exchanges in order to levy taxes accordingly.
Just last month, Ukraine also proposed a draft bill to tax crypto gains. If the bill gets passed, the European country will levy an initial 5% tax on crypto gains for the first five years. Post that period, the standard rate of 18% could apply.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Canadian Securities Administrators, an umbrella group for securities regulators in the country, alongside a self-regulatory organization for the investment industry, has released new guidance for crypto exchanges on the use of social media as well as advertising and marketing.