South Korea Delays Virtual Asset Tax by Two Years, Says Democratic Party Representative

According to Odaily, South Korea has decided to postpone the implementation of a capital gains tax on virtual assets by two years. This announcement was made by Park Chan-dae, a representative of the Democratic Party, during a press conference held at the National Assembly in Yeouido, Seoul. Park stated that after extensive discussions on the matter, it was deemed necessary to further reform the virtual asset tax system before proceeding with taxation. Park also addressed the budget-related subsidiary bills designated by National Assembly Speaker Woo Won-shik. He noted that out of the 13 bills proposed by the government, eight have been agreed upon by both ruling and opposition parties and are expected to pass. Park mentioned that five of these bills would be processed in the upcoming plenary session, with further discussions planned to determine the direction of handling these legislative matters. He emphasized that certain bills, such as those related to inheritance and gift taxes, should be rejected, indicating his intention to oppose them. This decision to delay the virtual asset tax is seen as a move to support the ongoing bull market in the cryptocurrency sector, as highlighted by Arthur Hayes, who referenced Korean media reports. The postponement reflects the government's cautious approach to regulating the rapidly evolving digital asset landscape, ensuring that the tax framework aligns with the broader economic and technological developments in the industry.