South Korea budget office calls for exchange incentives before crypto tax rollout

South Korea’s National Assembly Budget Office proposed putting incentives in place to steer users toward domestic exchanges and building an automated calculation and filing system linked to exchanges before virtual asset taxation begins in January next year, Yonhap reported. In a report published today titled a report on issues and tasks in taxing virtual asset income, the office also proposed developing technologies to track and verify crypto transactions and exploring ways to encourage voluntary reporting by users of over-the-counter trading venues or overseas exchanges in countries that have not implemented the Crypto-Asset Reporting Framework, or CARF. It added that tax standards for each type of transaction should also be clarified in advance.