Many lawyers welcomed South Korea’s plan to levy a tax on cryptocurrencies.
The reaction came out after Finance Minister-designate Hong Nam-ki said last week that the government is looking into the possibility of imposing a tax on the electronic currency,
The G 20 leaders also issued a joint communique urging the member countries to levy a tax on the cryptocurrencies.
Lawyer Han Seo-hee said imposing tax would be a short-term minus for investors. “However, on a long-term basis, the taxation means the government would legally protect the cryptocurrencies as assets,” he added, “The taxation would mean the government’s de facto legalization of cryptocurrency trading.”
He and many other lawyers in Seoul said the taxation would have a positive impact on the blockchain industry.
However, it may take time for the government to impose a tax on cryptocurrencies, Han predicted.