South Korea's ruling and opposition parties tentatively agree to postpone virtual asset taxation by two years.

According to Yonhap News Agency, Oh Ki-hyung, secretary-general of the ruling Democratic Party of Korea, said on the 11th following the National Assembly Planning and Finance Committee Tax Subcommittee meeting that there is consensus between the ruling and opposition parties on delaying the virtual asset income tax, with the government proposing a two-year postponement and little disagreement among the factions. Bae Jun-young, secretary-general of the opposition People Power Party, stated that the government must responsibly prepare according to the delayed timeline, and the National Assembly will closely monitor the preparatory work. The report noted that the virtual asset income tax was originally slated to take effect in January 2022 but was repeatedly deferred to 2023, 2025, and 2027 due to factors such as establishing tax collection infrastructure and implementing investor protection measures. The Income Tax Act amendment bill presented at the tax subcommittee, which centers on a two-year deferral of virtual asset taxation, did not go to a vote that day because the government opposes raising the basic deduction amount for virtual asset taxes, and lawmakers remain divided over provisions such as the requirement for exchanges to submit transaction records starting next year. Oh Ki-hyung added that the final vote will occur on the final day of the tax subcommittee's sessions, and the tax can currently be regarded as having been postponed by two years.