The Korean National Tax Service has begun preparations for implementing a tax on virtual assets in January next year.

CoinFeed reported on April 29th that, according to Edaily, Park Jung-yeol, head of the Individual Taxation Bureau of the National Tax Service of Korea, stated in a briefing on April 29th that despite the ongoing controversy surrounding the taxation of virtual assets, the National Tax Service has begun preparations for implementing the tax in January next year, aiming to ensure the smooth filing of comprehensive income tax returns in May 2028. Under the current income tax law, starting January 1, 2027, income from the transfer and leasing of virtual assets will be classified as "other income," subject to a 22% tax rate (20% for other income tax + 2% for local income tax) on annual gains exceeding 2.5 million won. Approximately 13.26 million people will be subject to this taxation.