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   1385

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.

SEC to Decide on Bitcoin ETF until Feb 27 2019

Despite this news, Bitcoin price hit another bottom - $3400 this time
07 December 2018   97

The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.

According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission on maximum uses the allotted time, and February 27 will be the final date for the decision on this application.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.
 

Securities and Exchange Commision

According to representatives of the SEC, to date, the Commision has received more than 1600 comments on this application.

Despite this news, Bitcoin price hit another bottom - $3400 this time.