Korean think tank suggests taxing major crypto investors first

With South Korea's virtual asset tax scheduled to take effect next year, a new study suggests that the government should initially adopt a limited approach focused on high-value investors. In a recent report, Bae Jin-soo, a research fellow at the Korea Institute of Finance, argued this method would be similar to the current tax system for major shareholders. Bae explained that since the repeal of the financial investment income tax, taxation on financial assets has centered on capital gains for major shareholders. He argued that applying a similar standard to virtual assets would ensure fairness. He also suggested that allowing taxpayers to choose their acquisition cost from the year-end prices recorded during the tax deferral periods would be a reasonable way to restore predictability and protect taxpayer trust.