South Korea Is Planning To Tax For Crypto Trading
The commissioner of the country's National Tax Service Mr. Han Seung-He told that the issue of how to best tax cryptocurrency is being discussed, including the area of capital gain tax, VAT tax and gift tax. Because of its skyrocketed volume.
According to Mr. Han Seung, his department is currently discussing the VAT and capital gain tax issue with the Ministry of Strategy and Finance. In addition he said that "the Gift tax will be reviewed as it need to be supplemented." The commissioner pointed out that the use of Bitcoin may lead to gift tax evasion, that's why valuation methods need to be implemented with respect to the taxation of cryptocurrency gift.
Bitcoin Market Capitalization May Hit $100 Billion Soon
Currently the Bitcoin market cap is $94 Billion after hitting all time high of over $92 Billion earlier this week. Bitcoin Market Cap has made gain of over 600% during 2017, At the starting of this year Market Cap of Bitcoin was nearly around $15.6 Billion.
I think before ending this year it will achieve the $100 Billion milestone.
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thanks