South Korea's Financial Services Commission Chairman: Virtual asset taxation needs to fully consider multiple factors, and the relevant bill has entered the final negotiation phase.
47 minutes ago
According to Yonhap News Agency, South Korea's Financial Services Commission Chairman Lee Eoguen told the National Assembly's Administrative Committee during a comprehensive audit that "various factors need to be fully considered" regarding virtual asset taxation set to take effect next year. People Power Party lawmaker Song Eon-seok on the same day questioned whether the tax should be scrapped or delayed, arguing that taxation is being advanced before the nature of digital assets and policy direction are clarified, and that the "Digital Asset Basic Act" should be prioritized for drafting. Lee responded that digital asset-related bills are in the final negotiation stage and will be pushed for discussion as soon as possible. On the taxation front, opinions from all sides are diverse and still being gathered. South Korea's virtual asset tax was introduced in 2020 via an amendment to the Income Tax Act, and has been delayed three times previously. The government is currently proceeding with administrative procedures in line with the January next year implementation schedule, but industry stakeholders and even some ruling party members argue the timing is premature due to unclear standards and insufficient infrastructure.
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