Korean tax scholar calls for transaction-based crypto taxation

Virtual assets should be taxed based on the economic substance of each transaction rather than treated as a single category of miscellaneous income, Park Jong-soo, head of the Korean Association of Tax Law, said at a forum on reviewing the 2027 virtual-asset taxation system, according to Money Today Broadcasting. Park said gains from trading and swaps should be classified as capital gains, returns from lending and deposits as interest income, profit distributions as dividend income, and business-like activities such as mining as business income. Park added that airdrops and hard forks also require a determination on whether income tax or gift tax should apply.