South Korean Lawmaker Proposes Postponing Taxation on Virtual Asset Income to 2030

A lawmaker from South Korea's People Power Party, Jeong Seong-guk, plans to introduce a bill to postpone the implementation date for taxing virtual asset income from January 1, 2027, to January 1, 2030. The lawmaker stated that delaying the implementation date would help complete a comprehensive review of the taxation system related to virtual assets, establish safeguards, enhance taxpayer expectations, and prevent institutional chaos. According to current regulations, starting from January 1, 2024, income generated from the transfer or lending of virtual assets will be classified as "other income" and subject to income tax. The portion of annual profits exceeding 2.5 million won will be taxed at a rate of 22%, which includes a 20% other income tax and a 2% local income tax. In the context of recent stock market volatility and soaring real estate prices, the People Power Party is attempting to gain public support by proposing legislation to protect the interests of virtual asset market investors and advocating for the abolition of this tax.

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