South Korea's Finance Minister Nominee Says Crypto Tax Burden Will Be Limited

South Korea's deputy prime minister and finance minister nominee Lee Hyeong-il said at a parliamentary hearing that virtual asset taxation would place only a limited burden on most investors and is unlikely to have a major market impact. According to ChainCatcher, he said about 95% of investors hold assets worth less than 5 million won, and that when acquisition costs cannot be proven, 50% of income may be treated as necessary expenses, with an additional basic deduction of 2.5 million won, leaving small investors with limited effective tax burdens.