Democratic Party of Korea Representative Kim Min-seok has officially requested that the government once again delay the taxation of virtual asset income, which is scheduled to take effect starting next year.

During a Supreme Council meeting held at the National Assembly today (the 4th), Representative Kim stated, "We have deliberated on this matter through party-government consultations and meetings with virtual asset service providers, centered around the National Assembly's Strategy and Finance Committee."

The core of virtual asset taxation is applying a 22-percent tax rate—combining other income tax and local income tax—to the amount remaining after deducting a basic exemption of 2.5 million won from the annual income generated through the transfer and lending of virtual assets.

A final decision on whether to postpone the virtual asset taxation is expected to be reached following future high-level party-government consultations and other procedures.