South Korean crypto tax deferral to be excluded from July tax bill

South Korean tax authorities are preparing to implement taxation on virtual assets as scheduled from January next year, according to The Asia Business Daily. The Ministry of Economy and Finance has reportedly decided not to include a deferral of the tax in its upcoming tax law amendment in July. A government official stated that specific taxation standards will be prepared and released through a National Tax Service notice to ensure the tax is implemented on Jan. 1. To finalize the details, the government has been coordinating with the country's five major virtual asset exchanges: Dunamu, Bithumb, Coinone, Korbit, and Gopax.