Han Dong-hoon Urges Postponement of Digital Asset Tax Implementation

Independent lawmaker Han Dong-hoon has argued that the planned January 2024 implementation of digital asset taxation should be delayed. He emphasized that investor protection frameworks and tax infrastructure must be established before any taxation can proceed.

On November 19, Han stated on social media that 'digital asset taxation cannot be rushed,' noting that tax revenues are already exceeding targets and that fair taxation preparations remain incomplete. He criticized Finance Minister-designate Lee Hyung-il for insisting on proceeding with the scheduled implementation, calling it a misplaced priority.

‘What’s more urgent than taxation is creating an environment where citizens holding digital assets are properly protected,’ Han said. He stressed that regulations distinguishing digital asset types, issuance requirements, and oversight frameworks must be established first, referencing ongoing delays in the 'Digital Asset 2nd Phase Legislation' which has been under discussion for over a year.

He also highlighted insufficient tax infrastructure, stating that proper systems for taxing digital assets are still not fully developed. Han noted that with semiconductor industry booms generating excess tax revenue, the government’s motivation is not fiscal necessity but rather other considerations.

‘Digital asset taxation cannot proceed now; it must be postponed again,’ Han concluded. He urged the Democratic Party administration to avoid pushing the policy through without proper discussion and debate.