Candidate for head of Korean tax agency details preparations for upcoming crypto taxation

Kang Min-soo, a candidate for Commissioner of the South Korean National Tax Service and the current head of the Seoul Regional Tax Office, addressed the forthcoming taxation of virtual assets in a letter to Democratic Party lawmaker Lim Kwang-hyun, according to a report by Yonhap News. The letter was a response to questions posed during Kang's parliamentary hearing. Kang explained that the tax agency's computerized tax revenue management system, built in January 2022, will be well prepared to ensure seamless implementation of cryptocurrency taxation starting next January. He also mentioned that the agency is seeking feedback from virtual asset service providers (VASPs) to help them comply with the data submission requirements. Moreover, Kang noted ongoing discussions with the Organization for Economic Cooperation and Development (OECD) about the regular sharing of information on accounts and transactions between countries.