Seoul:South Korean cryptocurrency exchange operators have urged the finance ministry to develop detailed guidelines for the impending taxation of virtual assets, which is set to commence next year. This call comes amid increasing diversity and complexity in trading methods.
According to Yonhap News Agency, the operators made their request during a meeting hosted by the Ministry of Finance and Economy. The South Korean government has announced plans to begin taxing virtual assets starting January 1, 2027. The exchange operators highlighted the necessity for time to establish and test systems for submitting tax data effectively.
The operators also emphasized the importance of considering other countries' policies on virtual assets and ensuring fairness among users of both domestic and overseas platforms. During the meeting, First Vice Finance Minister Kwon Dae-young acknowledged the need to design and implement the tax system with consideration of the market's unique characteristics.
Kwon stated, "We need to respect the principle that wherever there is income, there is tax." He emphasized the need for both tax infrastructure and a regulatory framework to support this principle in the market. The government is set to review preparations for the policy, focusing on taxation criteria and the ease of filing tax returns.
Kwon assured that the government would carefully consider the views shared during the meeting and coordinate closely with relevant ministries to refine the policy.