South Korea's Ministry of Finance: Crypto asset taxation to proceed as planned in January next year, 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 preparing 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 Economy and Finance, stated that the National Tax Service has held multiple practical consultations with the five major crypto asset operators, including Upbit, Bithumb, Coinone, Korbit, and Gopax.

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