South Korea’s government said gains earned by residents from digital assets held in personal wallets or on overseas exchanges are, in principle, subject to tax if the income comes from transfers or lending, according to Digital Asset. The clarification covers assets held outside domestic trading platforms and points to taxation based on how the profit is generated rather than where the assets are stored.
The country’s digital asset tax is scheduled to take effect on Jan. 1, 2027. The income will be taxed as other income, with a 2.5 million won deduction and a 20% tax rate. Including local tax, the top rate will reach 22%.
South Korea’s government said gains earned by residents from digital assets held in personal wallets or on overseas exchanges are, in principle, taxable if the income comes from transfers or lending, according to Digital Asset.
The digital asset tax will take effect on Jan. 1, 2027. It will be levied as other income, with a 2.5 million won deduction and a 20% tax rate. Including local tax, the maximum rate will be 22%.
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