South Korea's Ministry of Finance: To Tax Crypto Assets as Planned Next January, with Legislative Notice to Be Released Soon

Odaily Planet Daily News: The South Korean government will implement taxation on crypto assets as planned in January next year. The National Tax Service is currently drafting relevant notices, 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 Finance, stated that the tax authority has conducted multiple practical adjustments with five major crypto 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 crypto assets will be classified as other income. A comprehensive tax rate of 22% will be applied to income exceeding 2.5 million won, comprising a 20% income tax and a 2% local income tax. This policy will affect approximately 13.26 million investors.