Bidax CEO Urges Dual Custody System for South Korea's Digital Asset Taxation

On July 23, Bidax CEO Ryu Hong-yeol proposed a dual-reporting system for digital asset taxation at a conference in South Korea's National Assembly, arguing that reliance on exchange data alone is insufficient for effective tax enforcement.

Ryu stated that independent custody institutions and exchanges should each manage and provide separate data sets, which tax authorities would cross-verify to ensure transparent and accurate taxation. He noted that if just 5% of domestic listed companies' equity were invested in digital assets, potential custodial assets could reach approximately 75 trillion Korean won, highlighting the market's growth potential as institutional participation expands.