Finance minister nominee pledges to launch crypto tax in January despite industry and opposition objections

Lee Hyoung-il, currently first vice finance minister and nominee for the Ministry of Finance and Economy, announced his intention to enforce the cryptocurrency tax in January as scheduled, despite pushback from exchanges and opposition legislators. He indicated that the National Tax Service will release a public notice on the specific rules by the end of the year to avoid confusion for taxpayers. Lee justified treating crypto profits as miscellaneous income, citing parity with taxes on stock trades and other financial transactions.

The Digital Asset eXchange Association highlighted the lack of a unified digital reporting network and insufficient time to build necessary IT systems, warning of potential legal disputes. Opposition members of the People Power Party have introduced bills to either scrap the tax or postpone its start to 2030. Lee also outlined plans for a strategic sovereign wealth fund expected to launch with over 20 trillion won in assets.