S. Korea will start levying taxes on crypto transactions

South Korean authorities are actively studying the experience of the US in the field of cryptocurrencies taxes levying
16 October 2017   526

South Korean lawmakers are considering various options for taxation bitcoin. This is reported by Bitcoin.com.

A meeting of the National Tax Service (NSO) was held in Sejong City on October 13, where representative of the department Han Seung-hee answered questions concerning taxation options for crypto-currency, in particular bitcoin.

Also at the meeting it was noted that the daily volume of trade operations with the crypto currency already surpassed the corresponding indicator of the South Korean exchange Kosdaq.

I am still taxing business income, and I am discussing whether to tax the value-added tax or capital gains tax with regard to virtual currencies such as bitcoin.
 

Han Seung-hee
NTS Commissioner

Also, according to Han Seung-hee, the Ministry of Strategy and Finance of South Korea actively participates in the discussion of taxation issues. Among other things, agencies are considering the introduction of a gift tax on digital assets.

Finally, Han Seung-hee noted that his department is actively studying the experience of the United States, where the profits from operations with crypto assets are taxed, as well as the Japanese experience in regulating the sphere of virtual currencies.

Poland’s Central Bank Sponsored Anti-Crypto Campaign

The Central Bank of Poland has admitted to sponsoring a smear campaign against cryptocurrencies on social networks
21 February 2018   38

According to a Polish news portal, the anti-crypto campaign was orchestrated by Youtube blogger from Poland, Gamellon. For this campaign, the Central Bank of Poland had spent 91,000 Zloty (about $27,000).

At the time of writing this article, this video has over 500,000 views and has not been marked as a paid promotion.

Gamellon used the hashtag #uważajnakryptowaluty, which stands for a website set up by the Polish government to warn users about cryptocurrencies. According to this site, there are several reasons on why users should be wary of cryptocurrencies.

Another blogger Planeta Faktów published a sponsored video on their channel titled ’10 Differences between money and cryptocurrency that you need to know’. It also has the same hashtag, #uważajnakryptowaluty. But unlike Gamellon ’s video, this one has an ‘Includes Paid Promotion’ tag at the start of the video.

There is no law against cryptocurrencies in Poland. But it is illegal to create sponsored content without explicitly mentioning it.