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Still No Tax on Crypto Transactions, Koreans Euphoria Continues

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Koreans are still enjoying their freedom. The kind of joy you derives when you make millions on millions and yet not pay a single tax. 

Why is that so? It’s because Cryptocurrency transactions are still tax-free in South Korea due to a lack of tax regulations. As the law stands, citizens are able to profit millions of won from cryptocurrencies without being required to pay taxes on them.

A South Korean Lawyer recently revealed by saying :

“I made a profit of nearly 30 million won last year on investments in bitcoin and ether, but I did not pay any tax on virtual currency investments,”

Now, the above is what we are referring to as the Joy derived from being tax free after making Millions.

The news outlet, Money Today reported:

There is no obligation to pay tax even if you earn hundreds of thousands of won or even hundreds of millions of won in virtual currency investments.

Meanwhile, when selling stocks, there is a sales tax of 0.3% for listed securities and 0.5% for unlisted ones, the news outlet detailed.

See Also: Antigua and Barbuda plans to set up its first cryptocurrency exchange

“In the case of the ‘major shareholder,’ the obligation to pay tax on capital gains is also imposed. Unlisted shares also pay taxes on capital gains.”

But how long do you think the Koreans tax free would last? Log on here as we bring you more news on this issue.

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