Tax collectors in India and South Korea are attempting to come to grips with how the state gets its share of cryptocurrency transactions.
In India there are estimated to be an additional 200,000 people every month using Bitcoin or other cryptocurrencies. Indian tax officials said last week their national survey shows there were more than US$3.5 billion in cryptocurrency transactions in the 17 months up to the end of last year.
The department has sent out tax notices to tens of thousands of people dealing in the ephemeral currency. South Korea, meanwhile, plans to collect 24.2% corporate and local income taxes on cryptocurrency exchanges.
