The Korean National Tax Service has begun preparations for taxing virtual assets, with plans to implement it in January next year.

The Korean National Tax Service has begun preparations for taxing virtual assets, aiming for formal implementation in January 2027 and preparing for the May 2028 comprehensive income tax filing. Under current income tax law, income from the transfer and leasing of virtual assets will be classified as "other income," with a 22% tax rate levied on annual income exceeding 2.5 million won, expected to affect approximately 13.26 million people. The National Tax Service plans to obtain data from exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax starting next year to improve the tax infrastructure and promote the launch of a comprehensive virtual asset analysis system within the year. However, controversy surrounding the tax standards and the risk of capital outflow continues. (Edaily)