South Korea's Ministry of Strategy and Finance is re-evaluating the virtual asset taxation plan originally scheduled to be implemented in January next year

South Korea's Ministry of Strategy and Finance (MOEF) is re-evaluating its plan to tax virtual assets, which was originally scheduled to be implemented in January next year. The review comes ahead of the announcement of the tax law amendments scheduled to be released next month, and is in stark contrast to the department's insistence earlier this year that it will proceed as planned and will not re-evaluate. Experts have expressed concerns that the current tax framework cannot effectively deal with the anonymity and decentralized nature of virtual assets. Notably, a recent Congressional Budget Office study highlighted significant flaws in the current legislation, especially the reliance on cryptocurrency exchanges to provide transaction records required for tax purposes. (Newsis)