South Korea to Begin Virtual Asset Taxation as Planned from January 1, 2027

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South Korea will implement cryptocurrency taxation starting January 1, 2027, as announced by the Ministry of Economy and Finance. Income from virtual asset transfers or lending exceeding 2.5 million KRW will be subject to a 22% capital gains tax. The policy will impact approximately 13.26 million investors. Tax guidelines are currently under development, with consultations ongoing with major crypto platforms. A legislative notice is expected shortly.

Huo Xing Finance reports that, according to market sources, Moon Kyung-ho, Director of the Income Tax Division at Korea’s Ministry of Economy and Finance, stated at an emergency meeting on virtual asset taxation that the government will proceed as planned to impose taxes on virtual assets starting January 1 next year. This marks the first public statement by Korea’s Ministry of Economy and Finance on the issue of virtual asset taxation. Under the current Income Tax Act, income generated from the transfer or lending of virtual assets will be classified as other income, subject to a 22% tax rate (20% national income tax plus 2% local income tax) on virtual asset gains exceeding 2.5 million KRW. The tax will apply to approximately 13.26 million investors. Director Moon revealed that the National Tax Service is currently drafting related guidelines and has held multiple discussions with the five major virtual asset operators, with legislative notice expected shortly.

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