On September 13, South Korea's government proposal for the Digital Asset Basic Law entered the final window of this month. The Financial Services Commission originally planned to submit the legislative proposal to the National Assembly under the name of the chairperson of the National Assembly's Political Affairs Committee, Yoo Dong-soo, within this month, but the schedule has been postponed. The ruling party plans to hold a hearing as scheduled later this month, but if the government proposal is not submitted, the hearing may become a repetition of previous discussions. If the deadline is missed this month, the final approval could be delayed until the first half of next year due to the overlap of the National Assembly's inspection and budget review in October. The Democratic Party of Korea has also proposed an amendment to the Capital Markets Act, aiming to allow non-monetary assets such as real estate, artworks, and intellectual property to be issued as trust income securities, which is expected to be discussed in the National Assembly's Political Affairs Committee's bill subcommittee on September 15. Additionally, they are calling for a reassessment of the virtual asset taxation timeline set for January next year, as information from on-chain wallets, airdrops, and hard forks is difficult to automatically interface with tax authorities, and they suggest increasing the basic deduction and introducing loss carryforward deductions.
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