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South Korean authorities plan to hold an on-site meeting on Oct. 20 with the heads of the country’s five major cryptocurrency exchanges — Upbit, Bithumb, Coinone, DigitalX and Gopax — as well as executives from the Digital Asset eXchange Alliance (DAXA) to hear views on delaying virtual asset taxation, News1 reported. Kwon Dae-young, first vice finance minister, and Yoo Young-jun, director-general for digital finance policy at South Korea’s Financial Services Commission, are expected to attend on the government side.
If the tax is implemented as scheduled, a combined 22% tax rate, including other income tax and local income tax, will apply from January next year to annual income generated from virtual asset transfers and lending after a basic deduction of 2.5 million won is excluded.