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South Korea’s National Assembly Strategy and Finance Committee has reviewed a petition to abolish virtual asset taxation and warned that reversing an already decided policy on taxing virtual asset income could undermine trust in tax policy, The Herald Business reported.
The committee also said concerns about triggering instability in South Korea’s domestic virtual asset market should be taken into account. The petition, submitted by Min and 50,909 other participants, was referred to the committee in May. The report was also notable for concluding it would be inappropriate to support the virtual asset market through policy in the way the stock market is supported, according to the outlet. It added that the government had told the National Assembly it plans to launch an analysis system for virtual asset taxation by year-end and to make it possible to identify information on overseas trading starting next year.