South Korean Financial Services Commission chair says opinions on virtual asset taxation are still being collected; digital asset bill enters final negotiations
BIBIBI
AT A GLANCE
Opinions on South Korea’s virtual asset taxation arrangements are still being collected, and the digital asset-related bill is in the final negotiation stage.
Article
South Korean Financial Services Commission Chair: Virtual asset taxation requires full consideration of multiple factors; digital asset bill enters final negotiation stage
BlockBeats reports,October 22, according to Yonhap News Agency, South Korean Financial Services Commission Chair Lee Eok-won said at a comprehensive audit of the National Assembly’s Political Affairs Committee regarding virtual asset taxation scheduled to take effect next year that “various circumstances need to be fully considered.”
People Power Party lawmaker Song Eon-seok questioned that day whether taxation should be abolished or postponed, saying that taxation should not precede the establishment of the Digital Asset Framework Act when the nature of digital assets and policy direction remain undetermined. Lee Eok-won responded that digital asset-related bills are in the final negotiation stage and that discussions will be advanced as soon as possible; regarding taxation, he said opinions from various parties differ and are still being collected.
South Korea’s virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has previously been postponed three times. The government is currently advancing administrative procedures according to the timetable for implementation next year January, but some industry participants and members of the ruling party believe that implementation is premature because the standards are unclear and infrastructure is insufficient.
Original article link https://m.theblockbeats.info/flash/373098
Key points
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According to a report by Yonhap News Agency relayed by BlockBeats, South Korean Financial Services Commission Chair Lee Eok-won said at a comprehensive audit of the National Assembly’s Political Affairs Committee that virtual asset taxation requires full consideration of various circumstances.
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People Power Party lawmaker Song Eon-seok questioned whether taxation should be abolished or postponed and advocated prioritizing the establishment of the Digital Asset Framework Act.
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Lee Eok-won said that digital asset-related bills are in the final negotiation stage and that discussions will be advanced as soon as possible.
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Lee Eok-won said that opinions on taxation are diverse and are still being collected.
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The original article states that South Korea’s virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and had previously been postponed three times.
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The original article states that the government is advancing administrative procedures according to the timetable for implementation next year January.
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The original article states that industry participants and some members of the ruling party believe implementation is premature because the standards are unclear and infrastructure is insufficient.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This news indicates that South Korea is still preparing to advance virtual asset taxation, but the article provides no final conclusion on whether it will be abolished, postponed, or implemented as scheduled. Meanwhile, the digital asset-related bill remains in final negotiations, and the article does not state that it has been passed.
Why it matters to readers
The taxation timeline, standards, and progress of related legislation will affect the rules and expectations faced by South Korean virtual asset participants; the current policy arrangements have not yet been finalized.
Beginners should understand this as an indication that policy discussions are still ongoing, rather than that the cancellation, postponement, or scheduled implementation of taxation has been confirmed. They should monitor the government’s subsequent official decision and the progress of the bill.
Risks and unknowns
Whether virtual asset taxation will be abolished, postponed, or implemented according to schedule has not yet been determined.
The final content, passage date, and implementation arrangements of the digital asset-related bill have not been disclosed.
How the taxation standards and supporting infrastructure will be improved remains unclear.
The report was relayed by BlockBeats from Yonhap News Agency, and the attached original article link points to a BlockBeats page.
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Related concepts
Virtual asset taxation
This term is not in the glossary yet. Browse related concepts in the glossary.
