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Kim Min-seok says ruling party to reach conclusion this year on digital asset tax

South Korea\'s ruling party will reach a final conclusion within the year on digital asset taxation ahead of its planned implementation in January. Democratic Party leader Kim Min-seok raised the need for a concentrated final review, and said he also proposed the idea to Deputy Prime Minister and Finance Minister Lee Hyung-il. Under the current system, taxation is set to begin on Jan. 1, 2027, after three postponements. Industry groups cite unclear standards for various transaction types and gaps in reporting infrastructure.

Crypto

NTS prepares to notify digital asset taxation standards in November

South Korea\'s National Tax Service is preparing to notify detailed standards for taxing digital assets next month. NTS Commissioner Kwang-hyun Lim (임광현) said preparations were under way to issue the notice around November. Lawmakers cited unclear standards for staking, airdrops, hard forks and DeFi. Lim said taxation should be judged by economic substance, such as whether it is a transfer or a loan. He said some areas require additional consultation with the Ministry of Economy and Finance.

Crypto

Jeonbuk Bank adds price data from five major exchanges to Ssok Bank

JB Financial Group\'s Jeonbuk Bank is adding price and market information from South Korea\'s five major digital asset exchanges to its mobile finance platform, Ssok Bank. The bank signed a data supply contract with digital asset data company BonanzaLab and launched a digital asset price information service. Users can access market trends, exchange-by-exchange rankings, real-time news and detailed information by asset. The bank said it is the first such rollout by a regional bank.