Crypto News of the Day: South Korea, Germany, and Brazil on Cryptocurrencies

⚖️ South Korea plans to tax crypto gains

Korea's Ministry of Economy and Finance is pushing for a measure to tax crypto transactions to be implemented next year.

Another bill on enhancing the transparency of the trading of virtual assets awaits passage at sub-committee level.

The government is reportedly seeking to levy capital gains tax on cryptocurrencies regardless of the bill's passage.

😄 Germany to allow banks to sell and store crypto assets

Germany has passed a new law that will enable banks to sell and store bitcoin (BTC) and other crypto assets in 2020.

German banking customers will soon be able to buy, sell, and store cryptographic assets, in the same way, they would stocks, bonds or mutual funds.

To date, only a limited number of German banks have offered crypto-related services.

🔨 Brazil's Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

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