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Recently, the cryptocurrency market such as Bitcoin is booming again. From next year, if you make a profit from cryptocurrency trading, you will have to pay tax, but exchanges are in the position that it is difficult to even create a system for taxation.



This is reporter Kim Jung-woo.



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next year, if you earn more than 2.5 million won a year from cryptocurrency transactions, 22% of the excess income will be taxed.



If your income is 10 million won, you have to pay 22% of the 7.5 million won minus the 2.5 million won, or 1.65 million won in tax.



Domestic exchanges need to create a system that can understand the transaction details of more than 7 million investors, but the four large domestic exchanges say that it is difficult to establish a system by the end of the year as detailed guidelines from the government have not yet been prepared.



Due to the nature of cryptocurrencies that move freely through exchanges, it is not easy to determine the initial purchase price, and the issue of sharing investor personal information between exchanges must also be resolved.



[Virtual currency exchange official: You need to know about the purchase price under the assumption that you are moving (virtual currency). We



circulate

personal information, will ordinary investors admit it?] If

you go through a foreign exchange such as Binance, it may be more difficult to understand the initial purchase price of a cryptocurrency.



In fact, if a higher price is offered as the acquisition price through foreign exchanges, it is difficult for the domestic tax authorities to detect it.



[Park Seong-joon / Director of Dongguk University Blockchain Research Center: I do not know how to determine the purchase cost when I come to Korea after purchasing from an exchange abroad.

If the exchange does not sell bitcoin, there may be P2P and individual transactions.] In



the case of NFTs that digitize pictures, videos, and music, the market classifies them as virtual assets, but it is also a blind spot that they are not subject to taxation.



In response, the Ministry of Strategy and Finance is negotiating a plan to share acquisition cost information between domestic exchanges, and announced that it will prepare so that there will be no setbacks in taxation as the actual first filing and payment period is May 2023.



(Video coverage: Kim Gyun-jong, Video editing: Kim Jong-woo)