South Korea will discuss virtual asset taxation issues with the five major crypto exchanges on October 20.

PANews October 18 news, according to Yonhap News Agency, the South Korean government will convene representatives of the five major virtual asset exchanges—Upbit, Bithumb, Coinone, Digital X, and GOPAX—as well as executives of the Digital Asset Exchange Association DAXA on October 20 to hear their opinions on the virtual asset taxation scheduled to take effect starting next year. The current proposal plans to impose other income tax and local income tax at a 22% tax rate on income from the transfer and lending of virtual assets after deducting the basic tax exemption of 2.5 million won. This tax policy has been postponed three times since it was proposed in 2020. The industry believes that the taxation standards and tax infrastructure for transactions such as staking, airdrops, and DeFi are not yet complete, and calls for another postponement. The government is currently still advancing preparatory work according to the originally scheduled timetable.