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The government and ruling party are considering postponing the ‘virtual asset investment income tax’ set for next year due to the lack of a complete taxation system and infrastructure, and the ongoing abolition of the financial investment income tax. The Ministry of Strategy and Finance is working to include the deferral in the upcoming tax law amendment bill, which would delay the 20% tax on virtual asset income (after a basic deduction of 2.5 million won) initially planned for January 1. The ruling party is pushing for a three-year deferral, with a proposed bill to move the tax start date to January 1, 2025. This aligns with the People’s Power’s election pledge. Despite the upcoming ‘Virtual Asset User Protection Act’ on July 19, further legislation is needed for detailed tax laws. Concerns include taxing assets popular with young people and the gold investment tax’s abolition, with the government considering keeping both taxes aligned. Deputy Prime Minister mentioned in March that the deferral is still under consideration as they prepare the tax law amendment.
[…] North Korea is believed to have hacked India’s largest cryptocurrency exchange, WazirX, stealing over $200 million in cryptocurrencies, according to a report by Radio Free Asia on Nov. 18. British blockchain data company Elliptic identified a North Korean hacker group as the likely culprits. Cybersecurity firm CyberSys reported that WazirX lost $234.9 million worth of cryptocurrencies in the attack, which targeted the exchange’s virtual wallet. The stolen cryptocurrencies, including Tether, Pepe, and Gala, were laundered through Tornado Cash and converted into Ethereum. WazirX acknowledged the hack and suspended withdrawals to protect assets. Elliptic and hacking expert Jack XBT both attributed the attack to North Korea’s Lazarus Group, marking it as the largest cryptocurrency theft by North Korea this year. The Lazarus Group, sanctioned by the U.S. Treasury Department in 2019, was also linked to a $35 million theft from a Japanese exchange in March. Read More : Government and Ruling Party Consider Deferring Virtual Asset Investment Income Tax […]