Overview
- Deputy Prime Minister Koo Yun-cheol confirmed during a July 29 National Assembly committee meeting that the government will proceed with the tax as scheduled.
- The measure treats income from transferring or lending virtual assets as "other income" under the Income Tax Act and applies a combined national and local rate of 22 percent.
- Only annual gains above a 2.5 million won allowance will be taxed, with amounts below that threshold exempt from the levy.
- Lawmakers have not approved rules to carry forward losses and critics say that gap plus incomplete cross-border reporting raises a real risk of traders moving activity to overseas exchanges or decentralized platforms.
- A repeal bill introduced by opposition lawmakers in March sits in a National Assembly subcommittee, so the legal and operational details could still change before the tax takes effect.