South Korea Prepares for Cryptocurrency Tax Filings Starting 2027

South Korea's National Tax Service is gearing up for the implementation of cryptocurrency tax filings, which will impose a 22% tax on annual virtual asset profits exceeding 2.5 million won. According to NS3.AI, under the current Income Tax Act, income derived from the transfer or lending of virtual assets will be subject to taxation beginning January 1, 2027. The initial tax filings are slated for May 2028. This tax regulation is anticipated to impact approximately 13.26 million virtual asset investors, as indicated by Upbit's cumulative member count recorded last December.