South Korea's National Tax Agency plans to impose taxes on virtual assets starting from 2027

According to Edaily, Park Jung yeol, the Director of the Personal Tax Bureau of the National Tax Service of South Korea, stated that preparations have been initiated for the implementation of virtual asset taxation in January next year, with the goal of ensuring smooth comprehensive income tax declaration in May 2028. Starting from January 1, 2027, income from the transfer and lease of virtual assets will be classified as "other income" and subject to a 22% tax rate on income exceeding 2.5 million Korean won per year, including 20% other income tax and 2% local income tax, with approximately 13.26 million taxpayers.