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South Korea’s National Assembly Research Service Says Crypto Tax System Needs Overhaul Amid Avoidance Risks, Tax Gaps

South Korea’s National Assembly Research Service Says Crypto Tax System Needs Overhaul Amid Avoidance Risks, Tax Gaps

Summary

  • The National Assembly Research Service said the current income classification for gains from the transfer and lending of virtual assets could undermine tax fairness.
  • It said there is room for tax gaps and a lower tax burden across a range of transactions, including family gifts, overseas spot virtual-asset ETFs, and assets earned through mining, staking and DeFi.
  • The agency stressed that virtual-asset taxation should be implemented only after exchange tax systems and a framework for…

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