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South Korea Plans to Amend Their Current Crypto Regulation

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The South Korea Ministry of Economy and Finance confirmed that the Profits from individual virtual asset transactions are not a listed income. Furthermore, they are not taxable under the current tax law. 

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South Korean Government is keen to study the crypto regulation approaches of major countries of crypto taxation. An official of the ministry said that discussions have already been taking place, adding that the revised bill is expected to be drawn up by the first half of 2020. The major setback of tax amends is acquiring transaction records from crypto exchange to levy exact taxes.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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