Koo Yun-cheol: “Virtual asset taxation to be implemented next year…to be supplemented if necessary”

The government says crypto asset taxation will start as scheduled in January next year.

The current plan imposes a 22% tax, including local surtax, on annual gains above 2.5 million won from crypto transfers and lending.

Lawmakers raised concerns about the lack of loss carryforwards and possible tax avoidance via overseas exchanges, DEXs, and P2P trading.

Deputy Prime Minister Koo Yoon-cheol said Korea’s system differs from the U.S. and U.K., and that the government will improve the rules after implementation if needed.