South Korea Launches Crypto Tax Without Revenue or Cost Estimates

The South Korean government is set to launch its cryptocurrency tax in January without any estimates for expected tax revenue or administrative costs. The Ministry of Economy and Finance and the National Tax Service have not provided figures for either, citing a lack of data on acquisition costs, transfer amounts, and the number of taxable investors.

The National Assembly Budget Office has proposed raising the minimum taxable threshold to 20 million won ($14,800) in an effort to reduce administrative costs. However, Lee Hyoung-il, nominee for deputy prime minister and finance minister, has stated that crypto taxation will begin as scheduled in January next year.

The lack of estimates is likely to become a contentious issue in parliamentary debate with just over three months left before the planned rollout.