People Power Party to hold an exchange roundtable on the 25th… “To discuss improvements to the virtual asset taxation system”

South Korea’s People Power Party (PPP) will hold a roundtable with major exchanges to discuss improvements to the taxation system for virtual assets (cryptocurrencies).

According to industry sources on the 23rd, the PPP is set to hold a closed-door meeting on the virtual asset taxation system on the 25th at Coinone’s headquarters in Yeouido, Seoul.

Attendees are expected to include the heads of the five major Korean-won-based exchanges—Upbit, Bithumb, Coinone, Korbit and Gopax—as well as the Digital Asset eXchange Alliance (DAXA). The PPP is also expected to be represented by floor leader Song Eon-seok and other party leaders, along with lawmakers from relevant standing committees.

Discussions will focus on the virtual asset taxation system slated to take effect in January next year. Key agenda items are expected to include practical issues such as taxation criteria, how the rules apply by transaction type, and points of contention involving overseas transactions.

The party also plans to hear industry views on key pending issues related to the second phase of virtual asset legislation.

Previously, on the 19th, the PPP submitted a revision to the Income Tax Act that would abolish the imposition of income tax on virtual asset gains.