South Korea Confirms Crypto Tax Will Proceed in 2025 Despite Industry Pushback

South Korea's finance minister, Koo Yun-cheol, confirmed that the country will proceed with implementing cryptocurrency taxation in 2025 as previously scheduled. Speaking before the National Assembly's finance and economy committee on July 29, Koo stated that the government is pushing ahead with the tax without further delay.

The tax was originally set to take effect in 2022 but was delayed twice due to market volatility and industry pushback. Under the planned framework, gains from cryptocurrency trading will be taxed at a rate of 20% on annual profits exceeding 2.5 million won (approximately $1,800).

Koo countered a suggestion by People Power Party lawmaker Kim Sang-hoon that an additional deferral was necessary, pointing out that stock investments in South Korea currently do not allow loss carryforwards either.