Korea Reaffirms Crypto Tax Plan Amid $19M XRP Scam Crackdown

South Korea reaffirmed its commitment to introducing cryptocurrency taxation in 2027, while cracking down on digital asset fraud. The country's Finance Minister, Koo Yun-chul, confirmed the crypto tax timeline during a National Assembly session.

The government plans to implement crypto taxes from January 1, 2027, without any further delays. According to the South Korean Income Tax Act, virtual asset profits will be subject to taxation at 20%, which includes local taxes.

The authorities are prepared to assess and improve the system once it is implemented. The law was expected to be introduced in 2022 but has been delayed three times due to the lack of infrastructure.