December 13, 2017 / 3:16 AM / 5 months ago

South Korea to consider capital gains tax on cryptocurrency trading: government statement

SEOUL (Reuters) - South Korea on Wednesday said it will consider taxing capital gains from trading of virtual coins, a government statement obtained by Reuters ahead of an official release showed.

The government will also ban minors from opening accounts on virtual coin exchanges, and propose a bill to allow only eligible exchanges to operate, the statement said.

To be eligible, exchanges will need to uphold investor protection rules and disclose all bid and offer quotes.

In South Korea, the National Assembly needs to approve government bills on taxes.

The statement follows an emergency policy meeting held to discuss cryptocurrencies.

Reporting by Christine Kim, Cynthia Kim; Editing by Shri Navaratnam

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