South Korea’s government is set to meet the heads of the country’s five largest cryptocurrency exchanges on Oct. 20 as it prepares for the planned introduction of virtual-asset taxation in January. The session is intended to check how ready the platforms are for the new regime and to collect industry feedback before the rules take effect.

According to the report, the meeting will bring together the chief executives of Upbit, Bithumb, Coinone, Korbit and GOPAX, along with officials from the Digital Asset eXchange Alliance, or DAXA. Authorities are expected to review the state of tax-related systems at each exchange and hear concerns about operational burdens and possible areas for improvement.

Government reviews exchange preparedness

The Oct. 20 meeting will be held on site and will focus specifically on virtual-asset taxation. A central goal is to examine how far major trading platforms have progressed in building or adapting the systems needed to support the tax framework scheduled to begin in January.

Officials are also expected to use the meeting to gather direct input from the industry. That includes requests from exchanges on how the new system should be implemented in practice and what obstacles remain before the launch date.

Industry says standards and infrastructure remain incomplete

The report says the industry’s position is that tax standards and related infrastructure are still not fully in place. Because of that, the timing of the rollout has become a major issue for exchanges that will be expected to apply the new rules in their day-to-day operations.

This concern is not limited to technical preparation. It also reflects uncertainty over whether the underlying standards are sufficiently settled for platforms to handle reporting and compliance consistently once taxation begins.

Unclear treatment of staking, airdrops and DeFi

Another expected topic is the absence of clear tax guidance for several types of crypto activity. The report specifically points to staking, airdrops and decentralized finance as areas where exchanges are looking for more definite standards.

These categories can involve transaction structures that differ from straightforward spot trading, making their treatment especially important for exchanges trying to prepare systems in advance. The meeting is expected to serve as a venue for raising those issues directly with the government.

January remains the working assumption

Despite the concerns being raised, the government is continuing follow-up preparations on the assumption that virtual-asset taxation will take effect in January. That means the current process is still centered on implementation rather than a confirmed delay.

More detailed rules on virtual-asset taxation are expected around November, according to the report. Those rules are likely to be the next key milestone for exchanges and industry groups seeking clarity on compliance and on how less clearly defined crypto transactions will be treated.

Source: en.bloomingbit.io