Deputy Prime Minister and Minister of Finance Lee Hyung-il stated on October 6 that the government will gather a wide range of opinions regarding cryptocurrency taxation.
During a national audit session of the Ministry of Finance held at the National Assembly, Lee responded to a question from Kim Sang-hoon, a lawmaker from the People Power Party, about the timing of cryptocurrency taxation.
Kim pointed out that the infrastructure for cryptocurrency taxation is not sufficiently established, noting the lack of systems to track and verify transactions from overseas exchanges, decentralized exchanges (DEX), and decentralized finance (DeFi).
He suggested reconsidering the implementation of the tax, stating that enforcing it could negatively impact market activation as funds may flow out of the domestic cryptocurrency market.
If cryptocurrency taxation is implemented as planned in January 2027, taxpayers will be required to file their returns by May 2028.
When Kim inquired about the expected tax revenue from cryptocurrency taxation, Lee replied, "There are aspects that are difficult for us to ascertain. Since we need to receive reports for taxation, we will start collecting them next year, which will allow for estimates to be made."
Kim emphasized that proceeding with taxation without knowing the potential revenue is problematic, to which Lee responded, "We will gather a broader range of opinions."
* This article has been translated by AI.
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