South Korean government requires crypto companies to build taxation system, and plans to advance crypto taxation to next year

11/21 09:28

According to Korea Economy TV, South Korea’s Ministry of Economy and Finance and the National Tax Service convened the country’s five largest crypto exchanges and 31 related companies over the weekend to request the construction of a virtual asset taxation system. These institutions require transaction details including the type, quantity, price, handling fee, etc. of virtual assets. Therefore, the exchange must submit a virtual asset acquisition information sharing and transaction data system promotion plan within this month. The Ministry of Economy and Finance and the National Tax Service plan to receive and collect information through the system starting next year when taxes are collected after they receive plans for the system and provide feedback, the report said. Some people pointed out that if the tax is to be collected from next year, since the detailed standards such as the application of the taxation system for each business enterprise have not yet been determined, there may be confusion, and the competitiveness of domestic business enterprises is likely to be weakened.

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