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South Korea Finance Ministry Says No Decision Made on Taxing Perpetual Futures on Overseas Exchanges
Summary
- The Ministry of Economy and Finance said no decision has been made on the taxability and method of taxation for derivatives such as perpetual futures on overseas virtual-asset exchanges.
- It said reports that perpetual futures on overseas digital-asset exchanges would be taxed as derivatives were not true.
- The ministry stressed that media outlets should report cautiously on the taxability and method of taxation for products traded on overseas virtual-asset exchanges.
Forecast Trend Report by Period
South Korea’s Ministry of Economy and Finance said no decision has been made on whether or how to tax derivatives such as perpetual futures traded on overseas virtual-asset exchanges.
In a clarification released on November 3, the ministry said reports that perpetual futures traded on overseas digital-asset exchanges would be taxed as derivatives were not true.
The statement came after earlier reports said the government was considering classifying perpetual futures linked to U.S. stocks and traded on overseas virtual-asset exchanges as overseas stock derivatives and imposing an 11% capital gains tax.
The ministry added that nothing has been decided on whether products traded on overseas virtual-asset exchanges will be taxed or how such taxation would be structured, and urged caution in related media reports.
Uk Jin
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