South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year.
Fast facts
- Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be made available to the public, according to media reports.
- KOSTAT defines crypto as virtual assets that are being traded on cryptocurrency exchanges but the survey will not look into the type of cryptocurrency that is being traded.
- The survey was scheduled in line with South Korea’s planned crypto taxation, initially proposed to kick in on Jan. 1 this year, but has been delayed to 2023.
- KOSTAT’s “Report on the Survey of Household Finances and Living Conditions” is conducted annually to comprehend the general economic living standards by looking into each household’s assets, liabilities, income and expenses.
- The bureau will not categorize crypto as a financial or real asset as the country remains undecided on its status as an asset.