South Korea's tax agency launches division for crypto tax preparation

South Korea's National Tax Service has established a new Digital Asset Division to prepare for the taxation of digital (virtual) assets starting next January, Edaily reported. The agency appointed Lee Soon-yong, head of the Nam-Bucheon Tax Office, as the director of the new division on June 30, and it began formal preparations this month with three internal teams. The Digital Asset Division, which will oversee all tax-related tasks concerning digital assets, is the first and only central government department to include 'Digital Asset' in its name and serve a comprehensive oversight role. Its responsibilities include: - Planning and refining the virtual asset tax system - Overseeing the virtual asset management framework - Developing the virtual asset IT system - Responding to current issues related to virtual assets - Handling other tasks related to virtual asset taxation and management