Budget Office Proposes Incentives and Reporting System Ahead of Crypto Tax Implementation

With the introduction of virtual asset taxation set for January next year, a proposal has emerged to establish incentives that could encourage the use of domestic exchanges and build an automated calculation and reporting system linked with exchanges. According to Yonhap News Agency, the National Assembly Budget Office proposed this in its report 'Issues and Challenges of Virtual Asset Income Tax' published on the 17th.

The report specifically suggests exploring ways to guide voluntary reporting from users of overseas exchanges located in countries that have not implemented the Cross-Border Information Exchange System (CARF), as well as developing tracking and verification technology for virtual asset transactions. It also emphasizes the need to clarify tax standards by transaction type in advance.