Min Byung-dug Says Digital-Asset Tax Will Likely Be Delayed Until Basic Law Is Enacted

Min Byung-dug, a lawmaker from the Democratic Party of Korea, said implementation of a tax on digital assets should be delayed until a legal framework for the sector is in place.

At a forum held at the National Assembly Library in Seoul's Yeouido on November 2, Min argued that the timing of digital-asset taxation should be reconsidered. Given tax fairness among investors and the competitiveness of the domestic market, he said, the schedule is likely to be pushed back further.

Min said it would be inappropriate to levy taxes before even enacting a basic law governing the digital-asset industry. The institutional and administrative framework needed for taxation should be established first.

He also pointed to past debate over abolishing the financial investment income tax. At the time, concerns were raised about implementing the tax system without sufficiently improving the structure of the domestic stock market and the investment environment.

Min stressed that the process of enacting the Digital Asset Basic Act should specify the issues that must be resolved before taxation begins. He said the government should outline the necessary institutional steps, set deadlines for each and adjust the tax timetable so those measures can be completed.

He added that he has been actively raising the need for a tax delay within the Democratic Party. Min reiterated that linking enactment of the basic law with tax preparations would secure the time needed to put the system in place.