Lee Hyungil: "Virtual Asset Taxation Will Incorporate a Wide Range of Opinions" [2026 National Audit]

Lee Hyungil, Deputy Prime Minister and Minister of Finance and Economy, is responding to lawmakers' questions at the National Assembly audit of the Ministry of Finance and Economy held on the 6th. 2026.10.06 Photo by Yoon Dongju

Lee Hyungil, Deputy Prime Minister and Minister of Finance and Economy, stated regarding the virtual asset taxation scheduled to take effect in January next year, "We will continue to widely gather opinions from various stakeholders, including different views raised in the National Assembly, experts, and those in the industry."

Deputy Prime Minister Lee made this statement on October 6 during a parliamentary audit of the Ministry of Finance and Economy by the National Assembly's Planning and Finance Committee, in response to related questions.

On this day, opposition lawmakers argued that the infrastructure for virtual asset taxation has not been sufficiently prepared, and that implementing taxation at a time when domestic funds are flowing out of the virtual asset market to overseas markets could negatively impact market revitalization. They called for a reconsideration of the policy.

If the "2026 Tax Reform Plan," excluding the proposal to defer virtual asset taxation, is finalized through discussion and passage in the National Assembly, taxation on capital gains from virtual assets will officially begin in January next year. The first reporting and payment will be conducted in May 2028.

Regarding the scale of tax revenue from virtual asset taxation, Deputy Prime Minister Lee said, "There are, in fact, areas that are difficult for us to accurately determine," adding, "In order to impose taxation, we must first receive reports, and under this system, we will start accepting them beginning next year. Only then will we be able to make estimates."

Addressing the criticism that enforcing taxation without knowing how much tax revenue will be generated is problematic, he responded, "We intend to continue widely collecting a variety of opinions."

This content was produced with the assistance of AI translation services.