Yeo and Park Wan-joo: "We Will Begin Discussions on Enacting the Virtual Asset Industry Act"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Park Wanju, the Policy Committee Chair of the Democratic Party of Korea, stated on the 28th, "The basic discussions for the enactment of the Virtual Asset Industry Act will be discussed in the National Assembly's Political Affairs Committee," and announced that the legislative discussions will begin.

At a press conference held at the National Assembly on the same day, Chair Park said, "We will discuss the direction and level in the Political Affairs Committee," adding, "Although I cannot give a definite answer on whether it will pass within the regular session of the National Assembly, we plan to start discussions on the enactment of the industry act."

Regarding taxation on virtual assets, he explained, "International accounting standards interpret virtual assets as intangible assets, and the Income Tax Act regards intangible assets as other income," adding, "On this matter, when discussing the combined review, we will hold public hearings or forums on the taxation regulations, and the ruling and opposition parties will discuss it openly." According to the Income Tax Act and others, capital gains from virtual asset transfers are considered other income, similar to lottery winnings, but this implies that during the legislative process, capital gains from virtual asset transfers could potentially be classified as financial income.

Concerning the Daejang-dong scandal, regarding calls from some quarters for the legalization of a development profit recovery system, he said, "Although there are differences in methodology, both the ruling and opposition parties agree on the necessity," and added, "I believe it is an issue that can be sufficiently agreed upon through discussions between the ruling and opposition parties at a level where common sense prevails."

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