Korean news site Fnnews.com has reported that the Korean Ministry of Strategy and Finance is planning to hold an international financial conference on virtual currencies and blockchains for G20 members right after the local elections on June 14th in Seoul together with a working session on international financial systems on the 15th. This will be an important milestone both for Korean and global crypto investors and users as the country is preparing to introduce a full scale cryptocurrency regulatory framework after the initial discussions.

According to the article the the ministry has already started monitoring the approach that some of the most developed countries are taking in order to get a better insight on competition. Korea has been following the US, Japan, Germany and the United Kingdom to determine the actual status of their regulatory landscape. The most important issue to work on was future taxation. Most of these countries differ in their status, the US and UK are taxing capital gains, Japan is treating crypto gains as miscellaneous income and Germany recognizes cryptocurrencies as a legal tender and taxes it accordingly.

Taxation in Korea will most probably take place from beginning of next year. We are confident that Korea will take a leading approach as local banks and regulatory bodies have been known to favor these technological advancements.