Taxation on virtual asset transactions, including cryptocurrencies, has been delayed by a year to 2023. 

The National Assembly's Strategy and Finance Committee passed on Tuesday a revised bill seeking to postpone the government's plan to impose a 20 percent tax on gains from transactions of virtual assets from January 2022 to January 2023.

The passage comes amid views that it is not desirable to tax such assets next year when the legal definition of cryptocurrencies has yet to be established, and as infrastructure to tax such assets have yet to be fully acquired. 

Also with the bill’s passage, the lower limit of the assessed value of real estate properties subject to a capital gains tax was raised from the current 900 million won to one-point-two billion won.