Youth backlash grows as gov't pushes ahead with crypto tax plan
The government’s plan to begin taxing digital assets in January is drawing mounting opposition from retail investors, opening a fresh political battlefront ahead of the 2028 general elections, as young voters protest what they see as unfair tax policy, according to market watchers on Thursday. The complaints come as a growing number of young people have already expressed frustration over a series…
The government's proposal to introduce a crypto tax starting January has sparked increasing dissent among retail investors, creating a new political battleground ahead of the 2028 general elections, according to market analysts on Thursday. The backlash stems from young voters who feel the policy is unfair, as they protest perceived unfavorable tax measures, according to market observers.
The discontent arises as a series of economic policies implemented by the Lee Jae Myung administration have left younger generations frustrated, particularly regarding housing, savings, and investment opportunities. Both the government and the ruling Democratic Party of Korea (DPK) confirm that crypto taxation will commence on January 1, following the expiration of the current grace period.
The proposed tax will levy a 22 percent rate on gains derived from trading or lending virtual assets exceeding 2.5 million won ($1,810) annually. Choi, a 33-year-old office worker from Guri, Gyeonggi Province, expressed understanding for taxing income as it is generated. However, he finds it unacceptable that such a move is implemented while numerous details remain unresolved, especially after the government abolished the stock capital gauge.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Youth backlash grows as gov't pushes ahead with crypto tax plan koreatimes.co.kr
