ImportantSouth Korea to Discuss Virtual Asset Taxation with Five Major Crypto Exchanges on October 20

The South Korean government will convene representatives from the five major virtual asset exchanges Upbit, Bithumb, Coinone, Digital X, and GOPAX, as well as executives from the Digital Asset Exchange Association DAXA on October 20, to solicit their feedback on the planned virtual asset taxation regime scheduled to take effect next year. Under the current proposal, gains from the transfer and lending of virtual assets will be subject to a 22% combined income tax and local income tax, after deducting a basic exemption of 2.5 million KRW. This tax policy has been postponed three times since it was first proposed in 2020. Industry stakeholders argue that taxation standards for transactions such as staking, airdrops, and DeFi activities, as well as the supporting tax infrastructure, are not yet fully established, and have called for another postponement. At present, the government is still advancing preparatory work in accordance with the original schedule.

Source: PANewsRead original