The national assembly and the judicial circle have announced that taxation on virtual assets should take place after the industry is fully organized. They explain that before taxation, confirmation on the fact that the industry is organized and that profit occurs is needed, which is has not yet been completed properly. 

Ohoon Kwon Partner Attorney participated in the seminar as a representative of the Korean Bar Association ITBlockchain Committee. On the subject “What is the Issue with Virtual Asset legislation amendments and taxation plans?”, he strongly argued that “taxation should take place after the industry is fully organized and profits start to occur.”

He urged for critical thinking on the amendment of the Capital Gains Tax and mentioned each type of realistic problem on virtual asset taxation. Attorney Ohoon Kwon mentioned specifically, “if taxation begins next year, confusion is inevitable. Progressive actions from the government should take place, and taxation must happen within the scope that is acceptable to the taxpayers.”

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