1. South Korea’s Ministry of Economy and Finance to Implement Scheduled Virtual Asset Taxation in January Next Year and Release Detailed Rules link

South Korea’s Ministry of Economy and Finance stated recently that the South Korean government will begin taxing virtual assets as scheduled starting next January. Moon Kyung-ho noted that the National Tax Service is currently coordinating on practical matters with the five major virtual asset operators including Upbit, Bithumb, Coinone, Korbit and Gopax to formulate specific taxation plans, with relevant detailed rules expected to undergo legislative preview soon.

Under the current Income Tax Act, gains from the transfer or lending of virtual assets will be classified as “other…