South Korea's Ministry Of Strategy And Finance Reassesses Virtual Asset Taxation Plan

According to Odaily, South Korea's Ministry of Strategy and Finance (MOEF) is reassessing its plan to tax virtual assets, originally scheduled to be implemented from January next year. This reassessment comes ahead of the announcement of a tax law amendment due next month, marking a stark contrast to the department's earlier stance of sticking to the original plan without reassessment. Experts have expressed concerns about the current tax framework, arguing that it is not effectively equipped to deal with the anonymity and decentralization characteristics of virtual assets. Notably, a recent study by the Congressional Budget Office highlighted significant flaws in the current legislation, particularly the reliance on cryptocurrency exchanges to provide transaction records necessary for taxation.