Author urges Korea to scrap digital asset taxation now

I contributed an op-ed to Edaily to add my voice to their breaking coverage.

Its content is in line with what I said on Sampro TV last time.

During the last presidential election, President Lee Jae-myung pledged to “make Korea a hub for digital assets,” but judging by the current direction of the government and regulators, the chances of Korea becoming a hub look very low.

This part was cut from the op-ed, but the rationale that Deputy Prime Minister Choi Sang-mok gave in 2024 for abolishing the financial investment income tax is the same rationale for why digital asset taxation should be abolished now.

At the time, Deputy Prime Minister Choi argued that imposing taxes on an already struggling stock market would sap investor sentiment, and that even a deferral would create uncertainty—so he pushed for abolition. Then–opposition leader Lee Jae-myung agreed, and the financial investment income tax was scrapped.

It’s the same with digital asset taxation. If we start taxing an already struggling industry, it’s obvious that, far from becoming the hub the Lee Jae-myung administration advocated, it will turn into a sunset industry.

Digital asset taxation is unequal, inconsistent with the current administration’s policy stance, and will cause significant market distortions. That’s why I believe we should oppose it. I’m sharing my op-ed reflecting that view.

https://www.edaily.co.kr/News/Read?newsId=01197206645546336&mediaCodeNo=257