South Korea delays crypto taxation with income tax law amendment

South Korea's National Assembly recently approved a partial amendment to the Income Tax Act, which eliminates the capital gains tax on financial investments and delays the planned taxation of virtual assets. According to Maeil Business Newspaper, the vote took place during a plenary session on Dec. 10, attended by 275 of the 300 lawmakers. Of those present, 204 voted in favor of the amendment, 33 opposed it and 38 abstained. The amendment's approval occurred amidst a backdrop of recent political turmoil. Despite President Yoon Suk-yeol declaring martial law on Dec. 3, which cast doubts on the bill's progress, consensus was reached as the main opposition Democratic Party of Korea (DPK) supported the ruling People Power Party's (PPP) proposal to postpone the virtual asset tax by two years.