Government Says Crypto Tax 'Shock Minimal,' But Preparation Concerns Linger

The South Korean government has reiterated its intention to proceed with digital asset taxation as scheduled starting in January 2024. While the government states that 85% of investors hold assets worth under 5 million won, suggesting minimal tax burden impact, concerns persist about inadequate preparation for the new tax framework.

Critics argue that even if the tax burden is low, rushing implementation without proper institutional foundations—such as accurate acquisition cost calculation and transaction tracking systems—is premature.