Financial Services Commission Chairman Lee Uk-heon stated today (the 22nd) regarding the virtual asset taxation scheduled to take effect next year, "I believe various situations must be fully considered."

Chairman Lee made the remark during the National Policy Committee's comprehensive audit at the National Assembly when asked by People Power Party lawmaker Song Eon-seok for his opinion on abolishing or postponing the implementation of virtual asset taxation.

Lawmaker Song emphasized that the Digital Asset Basic Act needs to be enacted first, pointing out, "Taxation is being implemented first in a situation where the fundamental nature of digital assets and the direction of policies have not been determined."

In response, Chairman Lee stated, "We are in the final stages of consultations regarding digital asset-related bills," adding, "We will do our utmost to expedite the process so that discussions can take place."

Regarding virtual asset taxation, he added, "I believe the Deputy Prime Minister (Lee Hyung-ilk) has likely mentioned this as well, and various opinions are currently being gathered."

Virtual asset taxation was introduced through an amendment to the Income Tax Act in 2020 and has been postponed three times since then.

Currently, the government is proceeding with administrative procedures in line with its implementation in January of next year, but criticisms persist from the industry and parts of the ruling bloc that it is premature due to a lack of clear standards and infrastructure.

(Photo: Yonhap News)