[The South Korean National Tax Service has begun preparations for implementing virtual asset taxation starting January next year] According to Edaily, Park Jung-ryul, Director of the Personal Taxation Bureau at the South Korean National Tax Service, stated during a briefing on April 29 that despite ongoing controversies surrounding virtual asset taxation, the National Tax Service has initiated preparations for implementing taxation starting January next year, with the goal of ensuring smooth comprehensive income tax filings by May 2028. Under the current Income Tax Act, starting January 1, 2027, income from the transfer and rental of virtual assets will be classified as 'other income,' and a 22% tax rate (20% other income tax + 2% local income tax) will apply to annual earnings exceeding 2.5 million Korean won. The taxation will affect approximately 13.26 million individuals.