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South Korea’s Lee Hyung-il Says Crypto Tax Plan Will Reflect Views of Lawmakers, Experts, Industry
Summary
- Lee Hyung-il, South Korea’s deputy prime minister, said the government will broadly gather views from the National Assembly, experts, and the industry on crypto taxation.
- Lee said it was difficult to estimate the amount of tax revenue that could result from the introduction of crypto taxation, and that the government would listen to opinions.
- Lee declined to give a firm answer on the planned implementation of taxation next year and did not clearly reaffirm his earlier position.
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Lee Hyung-il, South Korea’s deputy prime minister and finance minister, said the government will broadly gather views from lawmakers, experts and the crypto industry on taxation of virtual assets.
Edaily reported on October 6 that Lee made the remarks during a National Assembly audit session of the parliamentary committee overseeing finance and the economy, after Kim Sang-hoon of the ruling People Power Party asked about the government’s basic stance on crypto taxation.
“The government will broadly gather the various views raised in the National Assembly, along with diverse opinions from experts and the industry,” Lee said.
On the amount of tax revenue that could be generated by introducing crypto taxation, Lee said it was difficult to estimate and that the government would listen to opinions.
He also declined to give a firm answer on whether the tax would take effect next year as scheduled, saying there were various views on the matter.
Lee had previously said crypto taxation would begin next year as planned, but he did not clearly reaffirm that position during the October 6 audit session.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.