Virtual asset taxation set to be delayed by about two years; South Korea's ruling party will submit recommendations to its leadership

Lawmakers from the Democratic Party of Korea on the National Assembly's Strategy and Finance Committee have decided to recommend to the party leadership that the virtual asset tax originally scheduled to take effect next year be postponed. Ruling party secretary Oh Ki-hyung said the majority opinion holds that it is not appropriate to begin levying the tax immediately next year, and that there is a preference for about two more years of policy preparation; the specific plan will be discussed by the policy committee after the party leadership reviews it. The exchange of overseas taxation information is expected to enter a substantive phase around 2029, and the Digital Asset Basic Act, which may be introduced in the first half of next year, could also change the taxation system.