South Korean Gov’t to ‘Completely Review’ Crypto Tax Law The South Korean government
says it will “completely re-examine” the “need” to tax crypto traders on their earnings. As things stand, traders are set to be taxed
on their earnings from January 2025. But per News1,
the government will “review” its stance on the taxation of crypto trading profits. This follows a recent decision to do away with taxes on gold investment. The government
wants to spark growth in the investment markets. But it could also revisit previous promises
to revitalize the crypto industry. At a press briefing
, Jeong Jeong-hoon, the head of the Tax Department at the Ministry of Strategy and Finance,
was asked if the government was still planning to go ahead with the launch of capital gains tax for crypto holders. Jeong replied:
“Cryptoasset taxation is also a matter that should be discussed in the National Assembly, after the abolition of gold investment tax.” Crypto traders
have complained that it is unfair that they should pay tax on their investments while gold traders are untaxed. The government is likely to respond to “public opinion”
on this matter, the media outlet reported.
