Democratic Party Whip in South Korea: Crypto Asset Taxation Should Proceed as Planned, Policy Stance Clearly Tightened

The Democratic Party's secretary on the National Assembly's Finance and Economy Committee, Jeong Tae-ho, stated that taxation on crypto assets (digital assets) has been repeatedly delayed, and now that "it has already been postponed, it should be implemented as planned." Once the tax reform proposal is submitted to the committee, the party will officially begin discussions. However, whether to supplement the system will be evaluated during the specific review stage.

Notably, this stance is significantly more hawkish compared to his April statement that "digital asset taxation should be considered comprehensively," aligning with the government's direction. South Korean finance officials have previously confirmed that the income tax plan for digital assets is scheduled to take effect on January 1, 2027, as originally planned.

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