Summary
- Lee Hyung-il, South Korea’s deputy prime minister, said the government will broadly gather views from parliament, experts and the industry on taxation of virtual assets, or cryptocurrencies.
- Lee said it was difficult to determine the amount of tax revenue from introducing crypto taxation and that he would listen to opinions.
- Lee stopped short of confirming whether the planned implementation of crypto taxation next year will proceed and did not clearly reaffirm his previous position.
Lee Hyung-il, South Korea’s deputy prime minister and finance minister, said the government will broadly gather views from the National Assembly, experts and the industry on taxation of virtual assets, or cryptocurrencies.
Edaily reported on October 6 that Lee made the remarks during a parliamentary audit by the National Assembly’s Strategy and Finance Committee after People Power Party lawmaker Kim Sang-hoon asked about the government’s basic stance on crypto taxation.
Lee said the government would widely collect the various views raised in parliament, along with opinions from experts and industry participants.
On the amount of tax revenue that could result from introducing crypto taxation, he said it was difficult to determine and added that he would listen to opinions.
He also stopped short of confirming whether the tax will be implemented next year as scheduled. Lee said various views were being raised and emphasized again that the government would broadly gather opinions.
Lee had previously said crypto taxation would be introduced next year as planned, but he did not clearly reaffirm that position during the October 6 audit.
