Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

South Korea expands crypto tax net

cryptoweekly by cryptoweekly
July 9, 2025
in regulation
0
South Korea expands crypto tax net

The South Korean government is closing loopholes in its tax laws and revising certain restrictions so its cryptocurrency sector can continue to develop.

With the elevation of cryptocurrency status since Lee Jae-myung won the South Korean election, the government, individuals, and businesses have had to adapt and modify existing rules and traditional systems to maintain compliance and accountability.

South Korea expands crypto tax net

On July 9, 2025, South Korea’s National Tax Service (NTS) clarified that residents must report comprehensive income tax on virtual assets received from foreign corporations in return for labor, even if their income is paid outside of traditional corporate structures.

According to the NTS’s illustration, the employee in question signed a direct incentive contract with Corporation B, based in Singapore and a subsidiary of Corporation A in Japan. The virtual assets were then issued as compensation for work carried out under Corporation B’s direction, without any involvement from Corporation C, which is the Korean affiliate of the company group.

The National Tax Service determined that the virtual assets fall under the country’s Income Tax Act, specifically Article 127 (withholding obligation) and Article 70 (final declaration of tax standard).

Lee Jae-Myung’s administration lifts crypto venture restrictions

On the same day, South Korea’s Ministry of SMEs and Startups published a legislative notice proposing a partial amendment to the Enforcement Decree of the Special Act on the Development of Venture Enterprises.

South Korean venture policy originally categorized businesses involved in virtual asset trading and brokerage as restricted industries, which disqualifies them from tax breaks, financing, public procurement preferences, and other benefits afforded to certified venture companies.

The logic behind the restriction was based on concerns about market volatility, lack of regulation, and user protection.

However, with the Virtual Asset User Protection Act enforced in 2024, a wider legal infrastructure exists for the digital asset market. Therefore, authorities now argue that it is inappropriate to continue restricting such companies.

The proposed amendment would remove ”virtual asset-related industries,” which include blockchain-based crypto asset trading and brokerage, from the list of restricted venture sectors.

It will open venture status to new technology-based virtual asset companies that demonstrate innovation and business potential, and allow existing venture companies to pursue virtual asset-related projects without the threat of losing certification.

In its public notice, the ministry stated that the revision reflects “the improving public perception of the digital asset industry” and acknowledges “the emerging legal and institutional safeguards for user protection.”

“It is now necessary to lift outdated restrictions to promote consistency in policy and support future growth,” the notice read.

Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Previous Post

Bitcoin analyst warns time 'running out' for another BTC price parabolic rally

Next Post

Robinhood stock nears record high as tokenization strategy gains traction

Next Post

Robinhood stock nears record high as tokenization strategy gains traction

Latest News

BONK news update: Will LetsBonk’s surging popularity push the altcoin above $0.000026?

by cryptoweekly
July 9, 2025
0

...

The tokenization trend sweeping the markets is ‘enchanting, but not magical,’: US SEC

The tokenization trend sweeping the markets is ‘enchanting, but not magical,’: US SEC

by cryptoweekly
July 9, 2025
0

...

Donald Trump Jr. invests in social media-turned BTC treasury firm

by cryptoweekly
July 9, 2025
0

...

Chinese creditor challenges FTX motion to halt payouts in restricted countries

by cryptoweekly
July 9, 2025
0

...

US debt rises to $36.6T: Will recession signals send Bitcoin back to $95K?

by cryptoweekly
July 9, 2025
0

...

Bitcoin soars to new all-time high above $112K as traders liquidate shorts

by cryptoweekly
July 9, 2025
0

...

Trump family-backed business votes on making governance token tradable

by cryptoweekly
July 9, 2025
0

...

US SEC ‘Crypto Mom’ clarifies: ‘Tokenized securities are still securities’

by cryptoweekly
July 9, 2025
0

...

Hyperliquid news update: Growing user base could send HYPE back to $45

by cryptoweekly
July 9, 2025
0

...

Sen. Warren warns that the CLARITY bill could allow Meta, Tesla, and other major firms to bypass SEC rules

Sen. Warren warns that the CLARITY bill could allow Meta, Tesla, and other major firms to bypass SEC rules

by cryptoweekly
July 9, 2025
0

...

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • BONK news update: Will LetsBonk’s surging popularity push the altcoin above $0.000026?
  • The tokenization trend sweeping the markets is ‘enchanting, but not magical,’: US SEC
  • Donald Trump Jr. invests in social media-turned BTC treasury firm
  • Chinese creditor challenges FTX motion to halt payouts in restricted countries
  • US debt rises to $36.6T: Will recession signals send Bitcoin back to $95K?
  • Bitcoin soars to new all-time high above $112K as traders liquidate shorts
  • Trump family-backed business votes on making governance token tradable

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »