News with the tag "virtual assets"

South Korea's Gangnam District seized 210 million won in unpaid crypto taxes, marking a significant step in enforcing tax compliance on virtual assets and setting a precedent for digital asset accountability.

South Korea's leading cryptocurrency exchanges have collectively established $190 million in reserves under the Virtual Asset User Protection Act to enhance user protection and market stability.

South Korea's National Tax Service (NTS) has clarified that virtual asset income earned abroad must be reported in comprehensive income tax returns, treating it similarly to employment income, which impacts global workers and crypto transactions.