Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister,…
Lee Hyoung-il, the nominee to lead the Ministry of Finance and Economy, intends to introduce the cryptocurrency tax in January as planned, according to documents submitted to the National Assembly. The nominee emphasized that precise tax regulations will be established via a public notice from the National Tax Service by the year-end, preventing any potential confusion for taxpayers during the filing process.
Hyoung-il defended the classification of crypto asset income as miscellaneous income under the current tax framework, deeming it a "suitable" strategy to apply taxpayer-friendly measures like a basic deduction and a single tax rate. He argued that since stock trades involving major shareholders, foreign equities, and unlisted shares, alongside transaction taxes, are already subject to taxation, extending tax rules to crypto assets is crucial for ensuring tax fairness. The proposed crypto tax regime would encompass profits from transferring or lending digital assets.
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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