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South Korea Finance Ministry Weighs Crypto Tax Plan, to Decide After Talks With Parliament
Summary
- The government said it will comprehensively review market conditions and tax fairness surrounding the implementation of virtual-asset taxation before reaching a conclusion after consultations with the National Assembly.
- He said experts and industry officials argued that changes in market conditions since 2020 should be reflected in the tax system.
- He also said there were calls to consider tax fairness between users of overseas exchanges and domestic investors, along with the global policy environment.
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South Korea’s government said it will comprehensively review market conditions and tax fairness surrounding the implementation of virtual-asset taxation before reaching a conclusion after consultations with the National Assembly.
According to Edaily on Nov. 2, Moon Kyung-ho, head of the Income Tax Policy Division at the Ministry of Economy and Finance, made the remarks at a forum held that day at the National Assembly Library in Seoul’s Yeouido district.
“The government is considering a reasonable approach that the public can accept and that can be implemented stably in practice,” Moon said.
Moon said experts and industry officials at an in-person meeting on Oct. 20 broadly agreed with the principle of taxing virtual assets. They also argued that changes in market conditions since the relevant system was legislated in 2020 should be reflected in the tax framework.
Participants also said tax fairness between users of overseas exchanges and domestic investors, as well as the global policy environment, should be taken into account.
“We will stay in close communication with relevant ministries and draw a conclusion after sufficient consultations with the National Assembly,” Moon said.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.