South Korea Democratic Party Secretary: Crypto Asset Taxation Should Proceed as Planned, Policy Stance Clearly Tightens

Odaily Planet Daily reported that Jeong Tae-ho, the Democratic Party secretary on the National Assembly's Planning and Finance Committee, stated that taxation on crypto assets (digital assets) has been postponed several times previously, and now that “it has been delayed before, it should be implemented as planned.” Once the tax reform proposal is submitted to the committee, the party will formally begin discussions, but supplementary institutional issues will be reassessed during the specific review phase.

Notably, this stance is significantly more stringent compared to his April remarks that “taxation of digital assets should be considered comprehensively,” and it aligns with the government’s direction. South Korean finance ministry officials have previously confirmed that the income tax on digital assets is scheduled to take effect on January 1, 2027.

Meanwhile, multiple figures within South Korea's ruling party have also strengthened their positions on taxation, creating a direct confrontation with the opposition party's stance advocating for the cancellation of taxation. The battle over South Korea's crypto tax system may further escalate during the year-end budget and tax discussions. (Digital Asset)