South Korea plans to launch a cryptocurrency tax in January next year: there are still regulatory blind spots for overseas transactions and cryptocurrency cards

According to South Korean media Sedaily, South Korea plans to start taxing cryptocurrency in January next year, but there are still several loopholes in the tax infrastructure. The head of the National Tax Service, Lim Kwang-hyun, stated during a parliamentary audit that preparations are being made for the smooth implementation of the tax, but activities such as transfers between private wallets and trading on overseas platforms are still difficult to track comprehensively.

Even with the introduction of the Crypto Asset Reporting Framework (CARF), it is challenging to cover all transactions. It is reported that the Bank of Korea also exposed related regulatory blind spots during a previous parliamentary audit.