Two Years Later, Virtual Asset Tax Postponed... Sharp Rise in Crypto-Related Stocks

The virtual asset tax, which was scheduled to take effect in January next year, has been postponed for two years, leading to a sharp rise in related stocks.

On the 2nd, Our Technology Investment rose by 8.66% to close at 9,540 won. Com2uS Holdings (6.60%) and Hanwha Investment & Securities (1.84%) also saw gains.

These companies hold shares in virtual asset exchanges. Hanwha Investment & Securities and Our Technology Investment each hold about 6% and 7% stakes. Com2uS Holdings, along with its subsidiary Com2uS Plus, holds a 38.42% stake in Coinone.

Furthermore, the Democratic Party announced the day before that it would extend the virtual asset tax point to 2027. Initially, the plan was to tax at a rate of 22% (including local taxes) if the income from virtual asset transactions exceeded 2.5 million won annually.

Tosun Securities-related stocks saw gains after an initial sharp rise in the morning. Galaxy Entertainment fell by 2.0%, while Pinker (-2.5%), Seoul Auction (-0.39%), and FSN (-0.58%) also closed lower. K Auction was flat.

Galaxy Entertainment, Seoul Auction, and K Auction have built a platform for Tosun Securities through their subsidiaries or affiliates. FSN holds technology for non-fungible token (NFT) platforms, while Pinker has entered the Tosun Securities issuance business.

Tosun Securities-related stocks are seeing increased volatility as news spreads that the ruling party is considering legislation. Han Dong-hyuk, a representative of the People's Power, stated on the 28th of last month, "The time has come to discuss whether to permit Tosun Securities," adding, "We must prepare the system carefully to prevent unfair transactions or inconvenience to users."

Yang Hyun-joo, Reporter hjyang@hankyung.com