South Korea's Ministry of Finance and Economy will impose taxes on virtual assets starting next year

According to Edaily, Moon Kyung ho, the income tax chief of the South Korean Ministry of Finance and Economy, stated that the government will impose taxes on virtual assets starting from January 1st next year. According to the current income tax law, income from the transfer or lending of virtual assets exceeding 2.5 million Korean won will be subject to a 22% tax rate, including 20% other income tax and 2% local income tax. This tax is expected to involve approximately 13.26 million investors. Moon Kyung ho stated that the National Tax Agency is developing relevant notices and has had multiple discussions with the five major virtual asset operators. The legislative notice will be released soon.