South Korea deputy PM nominee supports crypto tax starting January

South Korea’s deputy prime minister and finance minister nominee Lee Hyoung-il stated that virtual asset taxation should commence in January. In materials submitted to the National Assembly ahead of a confirmation hearing on Sept. 15, Lee indicated that detailed taxation standards will be announced through a National Tax Service notice within the year. Lee emphasized that taxing virtual assets would enhance fairness, as stocks are already subject to capital gains taxes in certain cases, including major shareholders and overseas holdings. He proposed classifying virtual asset gains as miscellaneous income to support comprehensive income taxation, reduce tax compliance costs, and implement taxpayer-friendly measures such as a basic deduction and a single tax rate. Additionally, a National Assembly petition advocating for a two-year delay in virtual asset taxation has garnered over 50000 signatures and will be referred to a relevant standing committee.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.