South Korea’s Democratic Party, Government to Discuss Delaying Crypto Tax at Oct. 28 Meeting
Summary
- South Korea’s Democratic Party and the government are expected to discuss a delay to virtual-asset taxation at a policy meeting on Oct. 28, ahead of its planned January implementation next year.
- Lawmakers in the Democratic Party raised the view that virtual-asset taxation should be delayed, but said no decision was made on Oct. 27.
- The Democratic Party said it had been presented with a proposal to first enact the Basic Digital Asset Act and then implement virtual-asset taxation alongside it, and plans to decide soon whether to delay the tax after gathering additional views.
Forecast Trend Report by Period
South Korea’s Democratic Party and the government are set to hold a policy consultation on Oct. 28 to discuss whether to delay taxation on virtual assets, which is scheduled to take effect in January next year.
Digital Asset reported on Oct. 27 that Jeon Eun-su, floor spokesperson for the Democratic Party, told reporters after a general meeting of lawmakers that some party members had argued crypto taxation should be postponed. No decision was made on Oct. 27, he said.
Democratic Party lawmaker Ahn Do-geol is said to have proposed first enacting the Basic Digital Asset Act and then implementing crypto taxation alongside it. The party plans to collect additional views before deciding soon whether to defer the tax.
Hwang Jong-seop, an aide in Democratic Party lawmaker Kim Han-kyu’s office, said he had heard the party-government meeting would be held on Oct. 28. The issue of delaying digital-asset taxation is also expected to be included in the talks, he said.
The meeting is expected to include Democratic Party lawmakers from the National Assembly’s Strategy and Finance Committee and officials from the Ministry of Economy and Finance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.