South Korea delays virtual asset tax regulations until 2025

The South Korean government has announced that it will postpone the implementation of the new virtual asset tax regulations until January 2025 to address the issue of tax burden and regulation clarification for individual investors. According to the new regulations, from 2025 onwards, the law will include income tax for residents, withholding tax for non-residents, and gift tax for virtual assets. The extension mainly affects income tax for resident individuals and withholding tax for non-residents and foreign companies. Investors have welcomed this, believing that the extension will help the government and industry to better adjust for the smooth implementation of the new tax system.