South Korea's crypto tax plan may see fourth delay amid lack of preparation

With South Korea's virtual asset tax set to take effect in 10 months, the administrative and legal preparations to support the system are at a standstill, Aju Business Daily reported. Typically, subordinate statutes for major tax laws are established up to a year in advance, but last year's tax reform proposal included virtually no supplementary details on the matter. Kim Gap-lae, a senior research fellow at the Korea Capital Market Institute, said that controversy over the lack of preparation is inevitable, given that an amendment to the Income Tax Act submitted to the National Assembly last year also lacked specifics on virtual assets. He added that if the current situation persists, the possibility of a fourth postponement cannot be ruled out.