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South Korea’s First Vice Finance Minister Kwon Dae-young said the principle of taxing income where it arises should be respected, adding that tax infrastructure and a market discipline framework need to be in place for that principle to take hold properly in the virtual asset market, Chosun Biz reported.
Speaking at a closed-door meeting with virtual asset industry participants and experts held at the Seoul Regional Procurement Service on today, Kwon said virtual assets are seeing new transactions and services emerge rapidly as technology develops, while cross-border trading is also becoming more active. Kwon added that the tax system also needs to be carefully designed and operated in a way that fully reflects both taxation principles and changing market conditions, as well as the characteristics of such transactions.