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South Korean Government Considers Eliminating Cryptocurrency Taxes in New Income Tax System

On January 18th, Jeong Jung-hoon, Deputy Minister of the Tax and Customs Office of the Ministry of Economy and Finance of South Korea, responded to public inquiries about whether cryptocurrency taxes should be abolished along with financial investment taxes. He stated that the National Assembly, the country's legislative body, should discuss whether to include cryptocurrency gains as part of the plan to abolish financial investment income taxes. The South Korean government plans to submit a revised income tax law regarding financial investment taxes by the end of January or early February. The national elections of the National Assembly are scheduled for April 10th.

The country's cryptocurrency tax system will take effect on January 1, 2025. Taxpayers with cryptocurrency gains exceeding 2.5 million South Korean won (US$1,865) will be subject to a 22% tax. The financial investment income tax system is scheduled to be implemented on the same day.

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