South Korea and Thailand Formulate Taxes and Crypto Market Sees Modest Rebound Following Bearish Weekend
South Korea's Financial News has reported in a recent piece that the country's Ministry of Strategy and Finance will have prepared a cryptocurrency tax framework by June 2018. This follows a recent G20 summit in which the "establishment of a global common regulation on virtual money" was deliberated. The G20's plan for regulation is expected for July 2018.
The Financial News story also indicated the South Korean government's intention to confer with the international community to discuss cryptocurrency and blockchain in June.
"The government plans to set up a full-scale virtual currency regulation right after the June 13 local elections. The Ministry of Finance and Economy will hold an international financial conference on virtual currency and blockchains for G20 members on June 14th in Seoul and will hold a second working session on G20 international financial system on the 15th."
According to a story in the Nikkei Asian Review, Thailand's Finance Minister Apisak Tantivorawong announced cryptocurrency regulation and taxation after a cabinet meeting on March 27. This move follows Thailand's central bank's ban on crypto trading in February.
"Under new laws to regulate cryptocurrencies and digital tokens, investors will have to pay 7% value added tax on all crypto trades, and a 15% capital gains tax on their returns.
The latest measures follow the Bank of Thailand's ban in February on local banks investing and trading in cryptocurrencies. That move caused uncertainty among local investors.
Both interventions confirm the cautious and conservative influence that the country's finance policy mandarins continue to exert."
After dipping to $6500 USD yesterday, its lowest price since Feb 6, Bitcoin (BTC) has rebounded to about $7050 USD at press time. The total market cap dipped to $245 billion USD, its lowest since last fall, but is now sitting around $265 billion USD. At press time all major cryptocurrencies are displaying a 24 hour increase in trading price.
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