Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.
Please everyone, for the sake of me, lets all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.
Damn you Korean government! Damn you all to hell....!
So if they tax crypto, how will they do it? At the exchange? What if you use an exchange from another country?
Or they expect everyone to be nice and declare their assets willingly?
My country gov also licensed some exchanges and even set up one themselves, but no one uses it. In theory, nobody should be "sending" money from abroad without paying some tax, and they do tax the likes of Western Union.
Since the beginning i always found the idea of taxing Bitcoin nearly impossible. Even if you willingly surrender your data, you can always keep "hidden" wallets undeclared. The money doesn't really ever cross borders, while its all over the globe at the same time, so the idea of taxing based movement across borders is... silly.
But maybe they plan to give some consumer protection from rogue exchanges. As long as the use of local exchanges is voluntary it shouldn't be too bad. They would also be able to tax those exchanges directly and their clients, perhaps take a cut from the exchange fees.
And it would be a laughable joke to legalize mining in the country with the most expensive electricity in the world. Hello from the country with the cheapest electricity! We don't have many large miners either, its too risky, unless you somehow have ties with those in power...