South Korean President Yoon Suk-yeol's election pledge changes, Ministry of Finance to maintain the original threshold for cryptocurrency taxes, with a 20% tax rate to be implemented in 2023.

South Korean President-elect Yoon Suk-yeol had promised before his election in March to adjust the policy on taxing cryptocurrency profits set to take effect in 2023, where gains exceeding approximately $2,024 (2.5 million Korean won) would be subject to a 20% tax. Yoon pledged to raise the threshold to around $42,450 (50 million Korean won). However, a recent report from the National Assembly Research Service (NARS) in South Korea indicates that the original threshold of 2.5 million Korean won is still being maintained.

South Korean President Yoon Suk-yeol had promised before his election in March to adjust the policy on cryptocurrency income tax scheduled to take effect in 2023, where profits exceeding approximately 2,024 USD or 2.5 million KRW would be subject to a 20% tax. Yoon pledged to raise the threshold to around 42,450 USD or 50 million KRW. However, a recent report from the National Assembly Research Service (NARS) in South Korea revealed that the original proposal of 2.5 million KRW remains unchanged.

The report stated that this tax system is based on the virtual asset and capital gains tax systems of the United States, United Kingdom, Germany, Australia, and Japan, imposing income tax on virtual assets. The virtual asset income tax system was introduced in December 2020, originally set to be implemented in 2022 but delayed to 2023 due to the need to establish supporting measures. Income from cryptocurrency investments exceeding approximately 2,024 USD will be subject to a 20% tax. NARS is also studying the inclusion of virtual asset income and financial investment returns in the profit and loss statement, calculating them together once they reach the basic threshold.