S. Korea's ruling Democratic Party eyes postponement of virtual asset taxation

South Korea should postpone the planned virtual asset taxation to 2023 as there are no related laws regarding virtual assets, says Rep. Kim Byung-wook of South Korea's ruling Democratic Party (DP)

The country plans to impose a 20 percent tax on capital gains from transactions of virtual assets next year.

Kim added that the virtual asset taxation postponement plan could be included in the election pledges of DP's presidential nominee, Lee Jae-myung.

Lee had previously stated that virtual asset taxation should begin in 2023.

According to Rep. Park Wan-joo, who heads the DP's policy planning committee, they will soon reveal their measures and discuss the issue at a government-party or a standing committee meeting.