Attorneys Answer Frequently Asked Questions regarding Cryptocurrency, including “Should I Pay Taxes on Cryptocurrency Earnings?” (Financial News, November 25, 2019)

The Korea Bar Association’s IT & Blockchain Special Committee (the “Committee”) has published a “Blockchain-Cryptocurrency FAQs” that answers frequently asked questions regarding blockchain and cryptocurrency which includes contributions from SEUM Managing Partner and Committee Chairman Hoseok Jung. (Link to news article here.) 

The Committee has issued the FAQs to assist businesses and investors amidst legal and regulatory uncertainty in Korea regarding blockchain technology and cryptocurrency services.  The FAQ is a product of research by the Committee’s 11 attorneys, including SEUM Managing Partner Hoseok Jung.  The FAQs touches on various topics and issues, such as ICOs, IEOs, STOs, cryptocurrency exchanges, cryptocurrency tax and foreign exchange reports. 

Regarding the background of the FAQs, the Committee stated that the FAQs comprise of questions that were the most commonly asked to SEUM Managing Partner Hoseok Jung and the other Committee attorneys by their clients.  The Committee cautioned that the answers in the FAQs may need to be updated from time to time to reflect changes in the law.

Download the Blockchain-Cryptocurrency FAQs here.

Please note that the news article and FAQs are only available in Korean.