S. Korea to tax virtual assets such as cryptocurrency next year as planned

South Korea will impose a tax on gains from virtual assets, such as cryptocurrencies, next year as planned, said Finance Minister Hong Nam-ki, amid investors’ calls for delaying the plan.

Hong emphasized that for legal stability and policy reliability, South Korea should not readjust or delay taxation on virtual assets.

The government sought to impose the tax in October last year but had to delay the process of parliamentary review.

The top economic policymaker said taxation can be possible for virtual assets traded with real names and through exchanges.