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

Odaily Planet Daily News: Jeong Tae-ho, the Democratic Party Secretary of the Korean National Assembly's Finance and Economy Committee, stated that the taxation of crypto assets (digital assets) has been postponed multiple times before, and now that "it has already been postponed, it should be implemented as planned." Once the tax reform proposal is submitted to the Finance Committee, the party will officially begin discussions. However, issues related to system supplementation will be re-evaluated during the specific review stage.

Notably, this stance is significantly firmer compared to his April statement that "the taxation of digital assets should be viewed comprehensively," and it also aligns with the government's direction. Officials from South Korea's Ministry of Finance have previously confirmed that the income tax plan related to digital assets will be implemented on schedule starting January 1, 2027.

Meanwhile, several figures within South Korea's ruling party have also strengthened their stance on taxation, creating a conflict with the opposition party's policy direction of advocating for the cancellation of taxes. The battle over South Korea's crypto tax system is expected to escalate further during year-end budget and tax discussions. (Digital Asset)