The government has appointed the Financial Services Commission as the main department to oversee the virtual asset market such as bitcoin and decided to take full-scale management.
On the afternoon of the 28th, the government held a meeting of the vice ministers of related ministries presided by Yoon-cheol Koo at the government office in Seoul, and then announced the'Virtual Real Estate Transaction Management Plan'.
First, the Financial Services Commission decided to take the lead in managing and supervising business operators and improving systems to enhance transaction transparency, and to reinforce related organizations and manpower.
Considering the diversity of illegal and unfair activities related to virtual assets, it was decided to add the National Tax Service and the Customs Service to the TF of the virtual asset-related ministries operated by the Office for Government Adjustment.
At the same time, blockchain technology development and industry promotion are planned to be promoted by the Ministry of Science and ICT.
The government also decided to extend the'special crackdown on illegal activities of all ministries' scheduled for June until September, as there is a high possibility that illegal activities will occur during the business reporting grace period, which runs until September.
During this period, illegal activities such as illegal multi-level, fraud, similar reception, hacking, phishing and smishing will be intensively cracked down.
We decided to apply taxation on income from virtual assets that attracted attention from next year's income as scheduled.
This income is classified as other income and is subject to separate taxation (basic deduction of 2.5 million won) at a tax rate of 20%. From May 2023, the first payment is made at the time of filing a comprehensive income tax.
The government has also decided to prohibit the act of intermediating or mediating transactions or exchanges directly by the business operator who operates the exchange in order to improve transaction transparency.
In addition, we have decided to prepare technical supplementary measures, such as increasing the storage ratio of code wallets (wallets that are difficult to hack) so that virtual assets can be safely stored from hacking.