South Korea’s Ministry of Finance and Economy has officially confirmed that the country’s virtual asset taxation policy will proceed as planned, with implementation now slated for January 2025. Moon Kyung-ho, director of the Income Tax Division, stated that the National Tax Service (NTS) is finalizing the specific plan and expects to pre-announce the legislation soon. The NTS has been coordinating with the nation’s five largest exchanges—Dunamu (Upbit), Bithumb, Coinone, Korbit, and Gopax—to establish reporting and collection procedures.
However, the policy faces sharp criticism from opposition lawmakers. Park Soo-young of the People Power Party warned that taxing virtual assets while abolishing the financial investment income tax creates an unfair burden on younger generations, for whom crypto is a primary wealth-building path. He also questioned the NTS’s readiness, citing unresolved technical challenges raised during meetings with exchanges. The debate highlights a broader tension between regulation and innovation in one of the world’s most active crypto markets.
