Capital cryptocurrency Taxes 
Bank Innovation
APRIL 2, 2018
Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].
PYMNTS
JULY 13, 2020
South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. Proposed amendments to existing bills want to classify cryptocurrencies as goods rather than currencies. Lawmakers’ discussions established that the virtual assets can be construed as electronic certificates of economic value.
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PYMNTS
JULY 1, 2019
With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. As a result, capital gains and losses would be created. This seems to us to be a significant barrier to wide adoption.”.
PYMNTS
FEBRUARY 26, 2019
When the state of Ohio partnered with cryptocurrency company BitPay last year, it meant the state would become the first in the U.S. to allow businesses to pay their corporate taxes in bitcoin. Ohio’s effort signaled a renewed push for corporate adoption of cryptocurrency.
PYMNTS
MAY 28, 2020
South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. Though not much information is currently available, the new rules could impose restrictions on profitable sales of cryptocurrency and revenues gleaned from national crypto-mining projects, according to Cointelegraph.
PYMNTS
JANUARY 21, 2020
To get a better handle on crypto – and to boost government coffers, perhaps – change the tax designation (and rules, of course). Under rules governing “other income,” a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible. Tax Policy Still Fluid.
PYMNTS
JANUARY 16, 2020
In other news, South Korean cryptocurrency exchange Bithumb is going to court to fight an almost $69 million tax bill from the National Tax Service (NTS), according to a report Thursday (Jan. The tax is called a retention tax, which is an income tax paid to the government by the income payer and not its recipient.
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