South Korea’s Kim Min-seok Says He Will Seek ‘Reasonable Solution’ on Crypto Tax

Kim Min-seok, leader of South Korea's Democratic Party, said he would seek a "reasonable solution" on the taxation of virtual assets, or cryptocurrencies, which is set to take effect next year. In a post on X on October 21, Kim said he was listening to a range of views on the issue. He argued that the National Assembly and the government should work toward a solution through discussions that account for system improvements, the voices of young people and current conditions.

The policy push follows government outreach to the industry. According to the report, Kwon Dae-young, first vice finance minister at the Ministry of Economy and Finance, met a day earlier with officials from the country's five largest crypto exchanges, including Dunamu and Bithumb, to collect views on crypto taxation. The meeting came after Deputy Prime Minister and Finance Minister Lee Hyoung-il said at a parliamentary audit earlier in October that the government would gather opinions from a range of stakeholders before moving ahead with implementation.

The opposition-leading People Power Party has taken a contrasting position. Park Soo-young, deputy head of the ruling party's policy committee, said on October 21 that he would push for discussions between ruling and opposition party policy coordinators on the issue. The party contends that taxing crypto income alone would be unfair because the financial investment income tax has been abolished, and it plans to consult with the Democratic Party on delaying the crypto tax.

The report indicates that the timing and design of the tax remain under negotiation between the government and both major parties, with no final decision reported as of the story date.