National Planning Committee “Digital asset taxation, Not finalized…Just a policy idea”

National Planning Committee Managing The Digital Asset Taxation Plan Controversy (Source: Yonhap)

The government stance related to digital asset taxation has become ambiguous again. The Presidential National Planning Committee announced at the regular briefing held on June 24 that “Virtual asset taxation has not been specifically discussed yet.”

Cho Seung-rae, spokesperson for the National Planning Committee, drew a line at the Government Complex Seoul annex, saying, “The content of digital asset taxation in some reports is nothing more than a policy idea level, and interpreting this as an official government task is unreasonable.” He added, “National tasks are finally confirmed after separate internal reviews and consultations with related ministries.”

Recently, reports from some media predicted that the taxation policy for digital assets would soon be implemented, raising tension in the market, but this statement seems to have reduced that possibility. Some analysts say the government has taken a cautious approach considering the backlash from cryptocurrency investors.

Meanwhile, the National Planning Committee announced plans to widely gather market opinions when establishing future digital asset-related policies. This is interpreted as a signal that Korea will also gradually establish policies amid the recent global spread of discussions on stablecoins and virtual asset regulations.