South Korean Official: Virtual Asset Tax Should Be Enforced on Schedule Starting in January 2027

SEOUL, South Korea – Jeong Tae-ho, Secretary-General of the Finance and Economy Planning Committee of South Korea’s ruling Democratic Party, stated that virtual asset taxation was already delayed once, so it should be implemented as scheduled. After the ruling party submits its Virtual Asset Taxation System Reform Bill, internal discussions will be launched, and feedback will be gathered to refine the system—aligning with the South Korean government’s policy to impose regular taxes on virtual asset transfers and leases starting January 2027. A number of key Democratic Party figures have recently issued similar signals, creating a confrontation with the main opposition People Power Party. The People Power Party advocates abolishing the tax and has already submitted its own legislation on the issue. The relevant bill is expected to enter formal discussions in the tax subcommittee after November this year, with a final conclusion slated for announcement by the end of the year.