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South Korea's National Assembly Finance Committee Urges Caution on Cryptocurrency Income Tax Abolition on July 29

Regulation & Policy

2026-07-29 02:42:13

According to expert Choi Byung-kwon, chief of South Korea's National Assembly Finance Committee, on July 29, the committee urged "careful examination" of a proposal to abolish cryptocurrency income taxation. The recommendation came as the committee reviewed a bill originally introduced by ruling party lawmaker Song Eon-seok in March to eliminate crypto asset income tax. Choi noted that reversing prior taxation decisions could undermine tax policy credibility and create market instability. He also referenced that major countries including the U.S., Japan, U.K., France, Germany, Canada, and Australia already impose income tax on cryptocurrency assets. The government plans to implement cryptocurrency income taxation starting January 1, 2027, following three previous postponements.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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