Reporting framework, corporate tax and individual tax treatment for digital assets in South Korea, from CryptaCount's jurisdiction database covering 72 countries.
South Korea: tax & reporting data
General Information
Default Framework
IFRS
Permitted Frameworks
K_IFRS
IFRS Mandatory For
All listed entities use K-IFRS. Non-listed may use K-GAAP.
Tax Year
Calendar Year (end M12)
Functional Currency
KRW
FX Source (Reporting)
BOK
FX Source (Tax)
NTS
Transaction Rate
Daily Spot
Hyperinflationary
✗ No
Reporting — K_IFRS
Framework Available
✓ Yes
Crypto Classification
Intangible Asset, Inventory
Classification Notes
IAS 38 intangible (most common); IAS 2 inventory if held for sale in ordinary course. No dedicated IFRS crypto standard.
Measurement Basis
Historical Cost
Fair Value (Revaluation)
Permitted Cost Methods
FIFO, WAVG, Specific ID
Prohibited Cost Methods
LIFO
Impairment Required
✓ Yes
Impairment Type
IAS 36
Reversal Allowed
✓ Yes
NRV Write-down
✗ Not required
Fair Value Hierarchy
Level 1
Recent Standards
No dedicated IFRS crypto standard. IFRIC agenda decision (2019) confirmed IAS 38/IAS 2. IASB crypto project in pipeline, no ED yet. K-IFRS is converged with IFRS with minor local modifications.
Corporate Tax — Rate & Classification
Corporate Tax Rate
24%
Crypto Classification
Ordinary Income
Notes
Corporate crypto gains = ordinary business income
Corporate Tax — Cost Basis
Measurement Basis
Historical Cost
Default Cost Method
WAVG
Permitted Methods
FIFO, WAVG
Taxpayer Can Elect
✓ Yes
Country Override
Standard
Override Notes
—
LIFO Conformity Req.
✗ No
Differs from Reporting
✗ No
Corporate Tax — Anti-Avoidance
Wash Sale
✗ Off
Window (before/after)
—
Same-Day Rule
✗ No
Loss Restriction
Unrestricted
Loss Carryforward
Unlimited
Corporate Tax — Holding Period
Holding Period Benefit
✗ No
Period
—
Benefit Type
—
Corporate Tax — Crypto Event Treatment
Staking Rewards
FMV at Receipt
Gas Fee Treatment
Add to Cost
Gas = Disposal of Native
✓ Yes
Crypto↔Crypto Taxable
✓ Yes
DeFi Wrapping
Unclear
Fork Cost Basis
Zero
Individual Tax — Regime
Tax Regime
Special Regime
Regime Notes
DEFERRED TO 2027. When enacted: 20% (+ 2% local = 22%) on gains exceeding KRW 2.5M per year. Currently NO crypto tax for individuals.
Tax Rate
0%
Rate Notes
Currently 0% (deferred). When enacted: 22% effective on gains >KRW 2.5M.
Individual Tax — Cost Basis
Measurement Basis
Historical Cost
Cost Method
WAVG
Method Electable
✗ No
Permitted Methods
WAVG
Country Override
Standard
Individual Tax — Exemptions
CGT Exempt
✓ Yes
Exempt Conditions
TAX DEFERRED TO 2027. Originally 2021, delayed to 2023, then 2025, now 2027. Framework still under development.
Holding Period
—
HP Benefit
—
Annual Exemption
KRW 2,500,000
Threshold Exemption
KRW 2,500,000 (Freibetrag (Allowance))
Individual Tax — Anti-Avoidance
Wash Sale
✗ Off
Same-Day Rule
✗ No
Superficial Loss
✗ No
Loss Restriction
Unrestricted
Loss Carryforward
Unlimited
B2C vs B2B Differences
Differs from B2B
✓ Yes
Notes
Individuals: CURRENTLY NO TAX (deferred to 2027). Corps: ordinary income up to 24%.
Compare South Korea with other jurisdictions
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