South Korea's Ministry of Economy and Finance: Plans to Tax Cryptocurrency Assets as Scheduled Next January, with Legislation Notice to be Announced Soon

Odaily Planet Daily News The South Korean government plans to implement taxation on cryptocurrency assets as scheduled in January next year. The National Tax Service is currently preparing relevant notifications, which are expected to be made public and undergo legislative preview soon. Moon Kyung-ho, head of the Income Tax Division at the Ministry of Economy and Finance, stated that the National Tax Service has held multiple practical consultations with the five major cryptocurrency asset operators, including Upbit, Bithumb, Coinone, Korbit, and Gopax.

According to the current Income Tax Act, starting January 1 next year, income from the transfer or lending of cryptocurrency assets will be classified as other income. A comprehensive tax rate of 22% will be imposed on income exceeding 2.5 million won, which includes 20% income tax and 2% local income tax. This policy is expected to affect approximately 13.26 million investors.