South Korea Considers Discussing Cryptocurrency Tax Cancellation Alongside Financial Investment Tax

According to Foresight News, South Korea's Deputy Minister of the Tax and Customs Office at the Ministry of Economy and Finance, Jeong Jung-hoon, has suggested that the country's National Assembly should discuss whether to include cryptocurrency asset gains as part of the plan to cancel financial investment income tax. The South Korean government plans to submit an amendment to the income tax law on financial investment tax at the end of January or early February. The National Assembly's general election is scheduled for April 10th. The country's cryptocurrency tax system is set to take effect on January 1, 2025. Taxpayers with crypto asset gains exceeding KRW 2.5 million ($1,865) will be subject to a 22% tax. The tax system for financial investment income is also set to be implemented on the same day.