This article deals with the recent development of various tax rules on virtual assets in South Korea. From December 2020 to March 2021, Korea revised several tax laws and regulations in order to establish a proper tax treatment of individual income tax, corporate income tax, inheritance and gift tax and value added tax regarding virtual assets. Due to these legislative changes, it is envisaged that Korea’s administration with regard to gathering tax information on the trade of virtual assets will also be significantly strengthened. However, recent Korea’s political measures surprisingly resulted in a delay of the implementation of individual income tax rules to 1 January 2023.