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Crypto

Digital asset taxation four months away, calls to redesign blanket other-income classification

With digital asset taxation set to begin next year, a proposal has emerged to revise the current system that classifies both transfer and lending income as other income. Speakers at a National Assembly forum said income categories should reflect the economic substance of different transaction types, including trading, mining and staking. They also called for stronger enforcement infrastructure, including linking transaction data across domestic and overseas exchanges and personal wallets.

Crypto

DAXA flags four unreported overseas crypto exchanges, seeks police investigation

The Digital Asset eXchange Alliance, known as DAXA, said it had identified four overseas digital asset exchanges operating for South Korean users without making the required report under the Act on Reporting and Using Specified Financial Transaction Information. It said it requested a police investigation after confirming signs of targeting domestic users through Korean-language services, won conversion displays and reward programmes. DAXA warned users of weak safeguards and difficult remedies if incidents occur.

Crypto

DAXA moves for joint response ahead of revised foreign exchange transactions law

The Digital Asset Exchange Alliance (DAXA) said it is supporting domestic virtual asset service providers (VASPs) as South Korea prepares to implement a revised Foreign Exchange Transactions Act on Dec. 3. DAXA held a briefing in Seoul on building a VASP-only foreign exchange reporting network. The revised law requires prior registration for cross-border digital-asset transfers and reporting of transfer details to the Bank of Korea’s foreign exchange system.