South Korea
Block Media
Digital Asset Basic Act to Pass This Year: Realistic Deadline Is 'November'
- Kim Min-seok, leader of the Democratic Party of Korea, officially proposed deferring taxation on digital asset (virtual asset) income, contingent on enacting the Digital Asset Basic Act this year.
- The Democratic Party aims to pass the bill in December, but delays in the government submitting its own version have tightened the remaining legislative timeline.
- Due to the required review period for new legislation and the regular National Assembly session schedule, November is seen as the critical window for the subcommittee to start review and settle disputed issues.