South Korea: Latest developments on crypto and regulation

Key takeaways: It could be tricky for Korean exchanges to comply with the newly implemented AML/CTF regulations. South Korea could start its CBDC pilot test later this year. The country is also focusing on preventing crypto from being used for ML purposes. Crypto taxation will be implemented in January 2022. »

How to file taxes on crypto for US owners?

Key takeaways: The US IRS updated its tax requirements at the end of 2020. US citizens must disclose their crypto activities in Form 1040. Taxes must be filed no later than April 15, 2021. The US Internal Revenue Service (IRS) published1 new guidelines on how to file taxes on crypto »

Crypto taxation in South Korea should be expected this autumn

Up to now, both personal (resident & non-resident) and foreign corporations in South Korea don’t pay any tax on their crypto profits under the current tax law. Back to the end of last year, the Ministry of Economy and Finance clarified that profits from individual virtual asset transactions are not »