Cryptocurrency exchange operators call for detailed taxation guidelines

By Kang Yoon-seung

SEOUL, Oct. 20 (Yonhap) -- South Korean cryptocurrency exchange operators on Tuesday called on the finance ministry to draw up detailed guidelines for the planned taxation of virtual assets starting next year, as trading methods are becoming increasingly diverse and complex.

Officials from cryptocurrency exchange operators made the suggestion during a meeting hosted by the Ministry of Finance and Economy, as South Korea plans to begin taxing virtual assets on Jan. 1, 2027.

The operators said they need time to establish and test systems for submitting tax data.

They also called for consideration of other countries' policies on virtual assets, along with fairness among users of domestic and overseas platforms.

During the event, First Vice Finance Minister Kwon Dae-young said the government understands the need to design and administer the tax system with the market's characteristics in mind.

"We need to respect the principle that wherever there is income, there is tax," Kwon said. "For that principle to take root in the market, we need both tax infrastructure and a market regulatory framework."

Kwon said the government will review preparations for the policy, including taxation criteria and the ease of filing tax returns.

"We will carefully consider the views shared today and coordinate closely with relevant ministries," he added.

colin@yna.co.kr
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