South Korea's crypto tax bill is expected to be introduced in the first half of 2020

According to Bitcoin.com, recently, the Ministry of Economy and Finance, which oversees South Korea ’s economic policy, has officially announced that under the current tax law, profits made by individual investors through crypto transactions cannot be taxed. Although personal cryptocurrency profits are currently tax-free in South Korea, the Ministry of Economy and Finance has been working to amend tax laws to tax them. Officials at the ministry said discussions were already underway, adding that the revised bill is expected to be introduced in the first half of 2020. The department emphasizes that cryptocurrencies need legal status to join the law, and details: We are developing a tax plan for virtual assets, a comprehensive review of taxation in major countries, consistency with accounting standards, and trends in international discussions to prevent money laundering.