Lee Hyung-il: Virtual Asset Taxation to Begin in 2027 with Minimal Impact

Economic Deputy Prime Minister and Finance Minister nominee Lee Hyung-il said on Thursday night during a parliamentary hearing that virtual asset taxation would not cause significant shock, as most investors hold assets worth less than ₩5 million. Speaking to People Power Party MP Kim Sang-hoon, who proposed delaying virtual asset tax implementation by two years, Lee explained that the 2024 legislative discussion will lead to implementation in 2027. He noted that 85% of investors hold assets below ₩5 million and can claim 50% of gains as deductible expenses without proving acquisition costs, meaning taxable amounts would likely stay around ₩2.5 million—below the basic deduction threshold.