The Korea IRS will introduce business tracking procedures and strengthen virtual asset taxation

According to Digitalasset, the Korea International Tax Office plans to introduce a business tracking procedure to track and analyse the movement of funds between the wallets of digital assets in order to strengthen tax regulation of individual wallets and virtual assets of overseas exchanges. The Government of Korea indicated that a person ' s wallet and digital assets held by an overseas exchange are subject to taxation as long as they occur as a result of a transfer or loan and will be addressed by the overseas exchange through the Automated Exchange of Information on Encrypted Assets (CARF)。