South Korea considers delaying virtual asset tax implementation

South Korea’s ruling party, the People Power Party, has proposed delaying the implementation of a virtual asset tax by two years.

Party whip Choo Kyung-ho announced this proposal during a meeting of the National Assembly’s highest committee, emphasizing the need for a system that investors can reasonably accept.

The government and the ruling party are working on amending the Income Tax Act to postpone the tax, originally set to take effect in January next year, to 2027.