South Korea is collecting broader feedback on its planned virtual asset taxation framework ahead of a scheduled 2027 rollout, according to ChainCatcher. Lee Hyeong-il, the country’s deputy prime minister and minister of economy and finance, said authorities will listen to views raised in the National Assembly as well as opinions from experts, industry participants and other stakeholders.
The issue drew scrutiny from lawmaker Kim Sang-hoon, who questioned whether the supporting infrastructure will be ready only months before the tax is due to take effect. He pointed to gaps in the ability to trace and verify transaction records from overseas exchanges, decentralized exchanges, and DeFi platforms.
Asked about the expected size of tax revenue from virtual asset taxation, Lee said there are still parts that are difficult to measure accurately at this stage. He said tax estimates will require taxpayer filing data first, and that further revenue calculations can only be made after the relevant reporting system is launched next year. He added that the policy will be assessed cautiously.
South Korea will broadly collect opinions on its planned virtual asset taxation policy, which is set for implementation in 2027, according to ChainCatcher.
Lee Hyeong-il, South Korea’s deputy prime minister and minister of economy and finance, said the government will gather views raised in the National Assembly along with input from experts, industry participants and related stakeholders.
Questions over tax infrastructure
Lawmaker Kim Sang-hoon questioned whether the supporting infrastructure will be ready only months before the tax takes effect. He said the current system still lacks sufficient capacity to trace and verify transaction records from platforms including overseas exchanges, decentralized exchanges, and DeFi services.
Revenue estimate remains unclear
On the expected tax revenue from virtual asset taxation, Lee said there are still parts that are 「difficult to accurately grasp」. He said tax collection will first require taxpayer filing data, so a more concrete revenue estimate can only be made after the relevant reporting system starts next year, with the policy to be assessed cautiously.
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