Finance Minister Nominee Sticks to Crypto Tax Rollout Schedule
The nominee to head the Ministry of Finance and Economy has expressed his intention to implement the cryptocurrency tax in January as scheduled, despite pushback from industry players and opposition lawmakers.
Lee Hyoung-il, the current first vice finance minister, defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an 'appropriate' approach.
He noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing.
The crypto tax regime treats profits from transferring or lending digital assets as miscellaneous income, levying a 20 percent tax rate. Taxable amounts apply to net annual gains after deducting a basic allowance of 2.5 million won ($1,860), with no provision to carry forward losses into future tax years.