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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.

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.