<p>South Korean virtual asset tax service platform Cryptotax <a href="https://n.news.naver.com/article/030/0003125991?sid&#61;101" rel="noopener noreferrer nofollow">said</a> Tuesday it signed a memorandum of understanding (MOU) with Korea Digital Asset (KODA), a virtual asset custody provider, to jointly enhance the transparency and reliability of processing virtual asset taxes.</p><h2 id="header-0">Fostering financial compliance</h2><p>Cryptotax plans to initiate a broad range of cooperative efforts targeting companies that utilize KODA’s virtual asset custody services, the company said. These efforts include providing its solution dubbed “Cryptotax Enterprise” — which provides services related to virtual asset taxation and accounting to corporate clients — and exploring business models with KODA to ensure the credibility of accounting for virtual assets.</p><p>In Korea, the imposition of taxes on virtual assets is slated to commence in 2025.</p><p>The agreement was formalized in a signing ceremony attended by Yoon Dong-hwan, CEO of Cryptotax, and Moon Geon-gi, CEO of KODA, along with key executives from both companies.</p><h2 id="header-1">Elevating accountability</h2><p>“Through this collaboration with Cryptotax, we will be able to offer transparent accounting services for virtual asset taxation and accounting,” said CEO Moon of KODA. “We will also take a leading approach in responding to the recently announced government guidelines and disclosure amendments related to the supervision of accounting for virtual assets.”</p><p>CEO Yoon also added that Cryptotax and KODA would provide diverse measures for support so that companies can alleviate the uncertainty and challenges that come up in the accounting process for virtual assets.</p><p>This collaboration aims to facilitate a more streamlined and straightforward virtual asset taxation and accounting process, addressing the evolving regulatory landscape and industry demands.</p>

Cryptotax and KODA Team Up For Transparency in Virtual Asset Taxation

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