Kim Min-seok: “Virtual-asset taxation to be settled by year-end” ... proposes final review to government

[Financial News] Kim Min-seok, leader of the Democratic Party of Korea, said on the 22nd, regarding taxation on virtual assets, that “this needs to be settled this year,” adding that a conclusion should be reached by year-end. Attention is focused on whether party-government discussions will gain momentum over whether to implement the virtual-asset taxation system, whose implementation has been postponed three times, as planned or to improve the system.
Kim appeared that day on the Democratic Party’s YouTube program “Minti 07” and said, “There have been more voices on this recently, and many different opinions. Yesterday, I raised the issue, saying that it seemed time to conduct a focused final review.”
He added that he had also proposed to Lee Hyoung-il, Deputy Prime Minister and Minister of Economy and Finance, who visited the National Assembly the previous day, “Let’s conduct a final review and reach a conclusion.” Kim emphasized, “Isn’t it time to begin focused discussions on whether to proceed with virtual-asset taxation as is or how to improve the system?”
Implementation of virtual-asset taxation has been postponed three times since the system was introduced in 2020. Kim’s remarks mean that the question of whether to implement the tax and the direction of any system improvements should be settled within the year; they do not amount to definitive support for any particular option.
Regarding President Lee Jae-myung’s statement that he did not want writer Rhyu Si-min punished, Kim said, “He may have thought it would be better to treat it as a matter for discussion rather than law.”
On the President’s decision, he said, “I thought it would turn out that way.” However, regarding Rhyu’s earlier remarks, he said, “Most people would think they were excessive,” and added, “I hope he will speak and criticize while staying within bounds.”
Kim reaffirmed his position that public persuasion should come first on the question of impeaching Supreme Court Chief Justice Cho Hee-dae. “It is necessary to move in step with public opinion,” he said, adding, “We will go through the process of persuasion and explanation thoroughly.”
He explained, “As calls for impeachment have recently grown stronger than before, we need to work on organizing the necessary points and also take separate advance measures to increase our ability to persuade the public.”
He added, “As part of that process, calls for a National Assembly investigation have also been raised within the party, and we will work through those matters step by step.”

[email protected] Kim Gyeong-min Reporter