South Korea finance chief says crypto tax to take effect next year as planned

South Korea’s deputy prime minister and finance minister Koo Yun-cheol said virtual asset taxation is being pushed ahead as scheduled for next year, according to News1. Koo made the remarks on July 29 while appearing before the National Assembly’s finance and economy committee, after People Power Party lawmaker Kim Sang-hoon asked whether an extension of the tax deferral was needed. Responding to Kim’s point that major advanced economies treat virtual assets as capital gains and allow loss carryforwards, Koo said stock investments also do not currently allow carryforwards. Koo added that virtual assets are classified as other income and already receive certain benefits, and said the government would be willing to review the issue if needed after the tax takes effect.