South Korea's National Tax Service Spearheads Virtual Asset Integrated Management System
Monday, 11 March 2024, 10:36
South Korea's 2025 Plan for Robust Crypto Taxation System
South Korea's National Tax Service (NTS) is leading the creation of a 'Virtual Asset Integrated Management System' to combat crypto tax evasion and ensure fair taxation in the virtual asset market.
Why South Korea is Prioritizing Crypto Taxation
- Record Highs: Bitcoin's recent surge to over $71,000 and increased cryptocurrency investments have prompted South Korea to focus on regulating virtual assets.
- Global Concerns: The rise in virtual asset investments worldwide, especially after the United States' approval of Bitcoin spot ETF trading, highlights the necessity of stringent taxation and monitoring to prevent illicit activities.
- Government Action: South Korea's NTS has selected GTIC to lead a project aiming for the 2025 launch of a system that addresses challenges in virtual asset transactions.
Authorities believe that enhancing taxation and monitoring mechanisms is crucial to combat money laundering, offshore tax evasion, and other illicit activities in the virtual asset market.
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.