Good News for Crypto Investors? South Korea Might Scrap Tax on Gains

• South Korea’s Ministry of Economy and Finance suggests discussing crypto taxation alongside traditional investments in the National Assembly.
• Potential scrapping of the virtual asset tax, initially planned for January 2025, could exempt crypto investors from a 22% tax on income exceeding 2.5 million won.
• South Korea’s top financial regulator maintains its stance of not recognizing virtual assets as financial assets.

Cryptocurrency investors in South Korea may be in for a surprise as the country’s Ministry of Economy and Finance considers exempting crypto gains from taxation, alongside plans to scrap the financial investment income tax.

Jeong Jung-hoon, Deputy Minister of the Tax and Customs Office at the Ministry of Economy and Finance, suggested that the National Assembly, South Korea’s national legislature, should discuss including crypto alongside traditional financial investments in the upcoming tax reform.

Responding to a public query at the People’s Livelihood Debate about scrapping the crypto tax alongside the financial investment income tax, Jeong stated, “It is also necessary to discuss it in the National Assembly.”

“We plan to submit an amendment t…

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