Ruling and opposition parties tentatively agree to defer virtual asset taxation for two years ... “Basic law to be submitted soon, too”

[Financial News] The ruling and opposition parties tentatively agreed on the 11th to defer virtual asset taxation for two years. They also said that various guidelines to establish a basis for taxation, as well as the government’s draft of the General Act on Digital Assets, would be prepared soon. The obligation for exchanges to submit transaction data will be discussed further.
That day, the National Assembly’s Finance, Economy and Planning Committee held a Tax Subcommittee meeting at the National Assembly and reviewed proposed revisions to the Income Tax Act and other bills.
After the review that day, Oh Gi-hyoung, a Democratic Party lawmaker and chair of the subcommittee, and Bae Jun-young, a People Power Party lawmaker and committee secretary, met with reporters and said the ruling and opposition parties had tentatively agreed to defer virtual asset taxation for two years.
Oh said, “There is a consensus on postponing [taxation], and we are discussing a few procedural matters and provisions.” He added, “The government also said it would delay it by two years, and there was no significant disagreement between the ruling and opposition parties.”
Bae also said there was no disagreement between the parties over deferring virtual asset taxation, stressing that institutional preparations for taxation two years later should be made promptly by the government during the deferral period.
He added, “Forty-eight countries around the world are already taxing virtual assets. At the National Assembly level, we will closely monitor whether the government can work diligently on this and how its preparations are progressing, and work together to guide it.”
Oh said in particular that the government would soon submit the General Act on Digital Assets, intended to establish a basis for taxation, to the National Assembly. However, the government reportedly did not specify a particular timeline.
The government was also understood to have opposed raising the basic exemption for virtual asset taxation that day. The ruling and opposition parties therefore take the position that, with taxation deferred for now, this is not the main issue under discussion.
Another point of contention, the obligation for virtual asset exchanges to submit transaction data, was not resolved that day; instead, the parties decided to discuss it further. This is because lawmakers need to conduct additional reviews and coordinate the details. The requirement for exchanges to submit transaction data was introduced so that actual data could be reviewed before taxation and the tax system tested in advance.  
[email protected] Kim Hyeong-gu Reporter