First, if the draft law to be submitted to parliament is approved, the first blow will be taken by Bitcoin miners and ICOs. The proposal, which is expected to be presented to the parliament in September 2020, was prepared as a joint opinion of the Ministry of Economy and Finance and the Ministry of Technology. If the resolution is approved, from 2021, miners and ICO companies will have to pay taxes on profits from the sale of digital assets. Transactions between crypto assets and sales to the loss will be exempt from the tax mentioned. The South Korean government has also focused on the taxation of Bitcoin and cryptocurrencies in recent months, but the regulation could not enter into force due to different views in the parliament. Tax experts, on the other hand, stated that taxation can be prevented as a result of the transactions being carried out outside of a stock exchange and this tax system, which is similarly open to abuse, is unnecessary.
