Ahead of the introduction of virtual asset taxation in January next year, a proposal has emerged to prepare incentives that can encourage the use of domestic exchanges and to build an automated calculation and reporting system linked with exchanges. According to Yonhap News, the National Assembly Budget Office (NABO) made this proposal in its report 'Issues and Tasks of Virtual Asset Income Taxation,' published on the 17th. Specifically, it proposed exploring measures including the development of virtual asset transaction tracking and verification technologies, as well as encouraging voluntary reporting by users of overseas exchanges located in countries that do not implement over-the-counter (OTC) transactions or the inter-state information exchange system (CARF). It also added that taxation standards for each transaction type should be clarified in advance.
