South Korea's Ruling Party Pushes Ahead with Crypto Tax Plans

South Korea's ruling party is moving forward with plans to tax virtual asset gains, despite lingering concerns over the lack of a comprehensive digital asset law. According to reports, there are currently no discussions underway to delay the tax implementation, which is set to take effect on January 1 next year.

The tax rate will be 22% and includes local income tax applied to gains from virtual asset investments. This marks a significant shift after multiple postponements since the original plan in 2021.

However, the absence of a finalized basic digital asset law has raised questions about how the tax will be implemented and enforced. Around 10 related bills are still pending in the National Assembly, leaving market rules largely absent.