South Korea's Financial Services Commission Chairman: Taxation of crypto assets requires full consideration of multiple factors; the related bill has entered the final stage of negotiation.

BlockBeats news, October 22, according to Yonhap News Agency, Lee Eok-won, Chairman of South Korea's Financial Services Commission, said at the comprehensive inspection of the National Assembly's Political Affairs Committee regarding the taxation of virtual assets set to take effect next year, "Various situations need to be fully considered."

People Power Party lawmaker Song Eon-seok questioned on the same day whether the tax would be abolished or postponed, stating that the nature and policy direction of digital assets have not yet been determined and that taxation should not proceed first, and that the "Basic Act on Digital Assets" should be enacted as a priority. Lee Eok-won responded that the digital asset-related bill is in the final stage of consultation and that discussions will be promoted as soon as possible; regarding taxation, opinions from all parties are diverse and are still being collected.

South Korea's virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has been postponed three times previously. The government is currently proceeding with administrative procedures according to the timetable for implementation in January next year, but the industry and even some members within the ruling party believe that due to unclear standards and insufficient infrastructure, the timing for implementation is not yet mature.