South Korea's National Tax Service to Introduce Commercial Tracking Program to Close Tax Loopholes on Personal Wallet Virtual Assets

August 31 news, according to Digitalasset, South Korea's National Tax Service plans to introduce commercial tracking programs currently used by domestic and foreign investigative agencies to track and analyze fund flows between digital asset wallets, in order to close the tax gap on virtual assets held in personal wallets. The South Korean government stated that any income generated from the transfer or lending of digital assets held in personal wallets and overseas exchanges is subject to taxation. Regarding overseas exchanges, it will respond through the Crypto-Asset Reporting Framework (CARF).