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South Korea Expands Crypto Tax Net and Lifts Venture Restrictions
South Korea Expands Crypto Tax Net and Lifts Venture Restrictions
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BTCCSquare news:
South Korea's National Tax Service (NTS) has mandated that residents must report comprehensive income tax on VIRTUAL assets received from foreign corporations as labor compensation, even if payments occur outside traditional corporate structures. The move, effective July 9, 2025, underscores the country's tightening regulatory framework under President Lee Jae-myung's administration.
In a parallel development, the Ministry of SMEs and Startups proposed amendments to the Special Act on the Development of Venture Enterprises, signaling a relaxation of restrictions for crypto ventures. This dual approach reflects South Korea's evolving stance—imposing tax compliance while fostering innovation in the digital asset sector.
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