South Korea to discuss virtual asset taxation with five major crypto exchanges on October 20

PANews reported on October 18, citing Yonhap News, that the South Korean government will convene representatives of the five major virtual asset exchanges Upbit, Bithumb, Coinone, Digital X and GOPAX, as well as executives of the Digital Asset Exchange Association (DAXA), on October 20 to hear their views on the virtual asset tax scheduled to take effect next year. The current plan proposes to levy other income tax and local income tax at a 22% rate on income from virtual asset transfers and lending after deducting a basic exemption of 2.5 million won. The tax policy has been postponed three times since it was first proposed in 2020. The industry believes that the taxation standards and tax infrastructure for transactions such as staking, airdrops and DeFi are not yet complete, and is calling for another postponement. The government is currently still proceeding with preparations according to the original timetable.