South Korea plans to hold a meeting on Oct. 20 with representatives from five major virtual asset exchanges — Upbit, Bithumb, Coinone, DigitalX, and Gopax — as well as executives from the Digital Asset eXchange Alliance (DAXA), according to Yonhap News Agency as cited by Odaily. The session is intended to gather industry feedback on the country’s virtual asset taxation policy, which is currently scheduled to take effect in January 2027.
Under the current plan, income from virtual asset transfers and lending would be taxed at 22% after a basic exemption of 2.5 million won. The tax proposal was first introduced in 2020 and has already been postponed three times. Even so, the government is still preparing on the basis of the existing implementation schedule, and South Korea’s National Tax Service is expected to release a related notice in November.
Separately, financial regulators in South Korea are also accelerating work on the government draft of the Digital Asset Basic Act. That draft is expected to be completed by the end of this month, after which related consultation procedures are set to begin.
South Korea plans to convene representatives from five major virtual asset exchanges — Upbit, Bithumb, Coinone, DigitalX, and Gopax — along with executives from the Digital Asset eXchange Alliance (DAXA) on Oct. 20 to collect industry feedback on its virtual asset tax policy, according to Yonhap News Agency as cited by Odaily.
Tax plan remains scheduled for January 2027
Under the current framework, income from virtual asset transfers and lending would be subject to a 22% tax rate after a basic exemption of 2.5 million won.
The policy was first proposed in 2020 and has been delayed three times since then. South Korean authorities are still moving ahead with preparations based on the existing January 2027 timetable, and the National Tax Service is expected to issue a related notice in November.
Digital Asset Basic Act draft is also moving ahead
Separately, South Korea’s financial regulators are speeding up work on the government draft of the Digital Asset Basic Act. The draft is expected to be completed by the end of this month, with related consultation procedures set to begin afterward.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
