South Korean private sector members recently discussed a crypto-related taxation bill meant to establish capital gains tax for cryptocurrencies. During these discussions on July 13, members indicated crypto gains taxes could rise as high as 20%.
Proposed amendments to existing laws also plan to classify cryptocurrencies as "goods," rather than currencies.
Lawmakers have established that virtual assets can be considered as electronic certificates of economic value that can be traded electronically. However, when the transactions are for sales purposes, it could be viewed as an asset.