South Korea's Pursuit of Fair Taxation in Response to the Crypto Market Boom
Monday, 11 March 2024, 10:36
South Korea's National Tax Service (NTS) Initiates Virtual Asset Management System
Project Aim: Combat Crypto Tax Evasion and Ensure Fair Taxation
- Significant effort to enforce tax compliance in the virtual asset market
- System to effectively manage virtual asset transaction information for scrutiny
Amid Bitcoin's record highs and increased crypto investments, South Korea is prioritizing the development of a robust taxation system in the virtual asset space.
Key Highlights: Bitcoin surpassed $71,000, driving global crypto interest. The US approving Bitcoin spot ETF trading heightened virtual asset investment and governance concerns.
The NTS collaborating with GTIC and plans to launch the system by 2025 for better control of virtual assets, combating illegal practices like money laundering.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.