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Crypto

Lee Hyung-il says digital asset taxation to start in January 2027; staking standards to be notified

South Korea will implement taxation on digital assets as scheduled from Jan. 1, 2027, Vice Prime Minister and Minister of Economy and Finance Lee Hyung-il said at a National Assembly meeting. He said detailed taxation standards for transaction types such as staking and airdrops will be supplemented through a National Tax Service notice. Under current law, income from transfers and lending of digital assets will be separately taxed as other income at 22 percent after a 2.5 million won basic deduction.

Crypto

Need domestic exchange incentives, auto-reporting before digital asset taxation begins

South Korea should prepare incentives to encourage use of domestic digital asset exchanges and build an automated calculation and reporting system linked to exchanges before digital asset income taxation begins in January, a report said. Areas such as overseas exchanges, private wallets and over-the-counter trading remain hard for tax authorities to track, it said. The National Assembly Budget Office also called for clearer taxation standards by transaction type and measures to encourage voluntary reporting.

Crypto

Cautious on financial investment income tax, presses ahead with digital asset tax as equity dispute lingers

The government is holding to its plan to impose tax on digital asset income from 2027 while taking a cautious stance on introducing the financial investment income tax, keeping alive an equity dispute with listed stocks. The industry says preparation is lacking, including verification of acquisition costs and tax standards by transaction type, and calls for a review of the timeline. Analysts and industry groups also raise issues such as loss carryforwards, data links and overseas trading information.