The South Korean government is considering removing cryptocurrency taxes in the new income tax system

According to zdnet, Jeong Jung-hoon, Deputy Minister of the Tax and Customs Office of the Ministry of Economy and Finance in South Korea, responded to public inquiries about whether cryptocurrency taxes should be abolished along with financial investment taxes. He stated that the country's legislative body, the National Assembly, should discuss whether to include cryptocurrency asset gains as part of the plan to abolish financial investment income tax. The South Korean government plans to submit an amendment to the Income Tax Law regarding financial investment taxes at the end of January or beginning of February. The national elections for the National Assembly are scheduled for April 10th.

The country's cryptocurrency tax system will take effect on January 1st, 2025. Taxpayers with cryptocurrency asset gains exceeding 2.5 million Korean won (1865 USD) will be subject to a 22% tax rate. The taxation system for financial investment income is set to be implemented on the same day.