South Korea crypto tax policy will be settled before the end of the year, Kim Min-seok, who heads the ruling Democratic Party of Korea, said on the 22nd. He said the moment had come for concentrated deliberations over whether the virtual asset levy should take effect on schedule or be overhauled, according to the Seoul Economic Daily.

The pledge matters because the South Korea crypto tax has been delayed repeatedly since it was first introduced, leaving investors and the industry without a clear answer on when, or whether, the levy will take effect. A final review at the leadership level signals the ruling party now intends to resolve the question rather than defer it again.

Final Review of the South Korea Crypto Tax

Kim said he had raised the issue directly with the government's top economic official. "Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il came by yesterday, so I told him we should take an interest in this issue, conduct a final review and reach a conclusion," he said, according to the Seoul Economic Daily.

The virtual asset tax was introduced in 2020 and has since had its implementation deferred three times, the Seoul Economic Daily reported. Kim's comments indicate the party will weigh whether to let the tax proceed as planned or overhaul the framework before committing to a course.

Impeachment Push Against Chief Justice

On the same program, Kim addressed pressure from the Rebuilding Korea Party, along with hard-line members of his own camp, to remove Supreme Court Chief Justice Jo Hee-de through impeachment, remaining cautious on the question, the Seoul Economic Daily reported. "I have pointed out that the chief justice is violating the constitution and the law in many respects, but impeachment requires the consent and agreement of the public," he said.

Kim said a parliamentary inquiry had been floated inside the party as an early measure aimed at winning over the public, and that the party would proceed step by step, according to the Seoul Economic Daily. The Democratic Party has stayed wary of a political backlash should the impeachment effort fail, the Herald Business reported.

Democratic Party Spokesperson Jo Gye-won said the party is weighing a formal investigation. "After the parliamentary audit, we are also reviewing a parliamentary investigation as a procedure to confirm specific grounds for impeachment," he said, according to Chosunbiz. He added, "Amid divided public opinion over the impeachment, we believe time to share relevant details with the public is also necessary as part of the impeachment process."

Smaller Party Presses for Faster Action

On Tuesday, the Rebuilding Korea Party called on the Democratic Party to set up a joint task force aimed at removing Chief Justice Jo Hee-dae, and said it would speed up the push starting in November through consultations with the larger party. "In November, we will continue preparing so that we can accelerate the impeachment through concrete consultations with the Democratic Party," Spokesperson Park Byeong-eon said, according to Chosunbiz.

Park also tied the effort to a bill lowering the requirements to form a negotiating bloc, saying that if a third bloc is launched the parties could formally discuss responses to a filibuster and speed up coordination on the impeachment motion, Chosunbiz reported. Shin Jang-sik, who leads the Rebuilding Korea Party, spoke to reporters at the National Assembly's media center and urged opposition parties to set up a joint task force, the Herald Business reported.

Shin likened the chief justice's conduct to the actions of former President Yoon Suk Yeol. "If Yoon Suk Yeol attempted a loyalist coup, Chief Justice Jo Hee-dae is carrying out a judicial coup," he said, according to the Herald Business. On concerns that a Constitutional Court rejection could trigger a backlash, Shin expressed confidence that the motion stood a very high chance of being upheld, adding, "Rather than worrying about a backlash, it is the duty of Assembly members to first answer how judicial justice will be restored and what the people are demanding."

The smaller party has pressed the Democratic Party for two straight days since unveiling its impeachment motion on Monday, and is seeking to speed up the talks by urging a coordinated stance across the wider opposition bloc, the Herald Business reported. SBS News reported that the party urged the Democratic Party to join the effort, proposing a joint task force and a joint general meeting of lawmakers.

Floor Leaders Meet as Opposition Pushes Back

Park Byeong-eon, the Rebuilding Korea Party's senior spokesperson, confirmed to reporters that the party's floor leader Kim Jun-hyeong would sit down with Democratic Party floor leader Han Byung-do on Wednesday morning, the Herald Business reported. The agenda is expected to include the impeachment motion, a joint task force and other areas of cooperation.

Floor Leader Kim said of the proposal for a joint task force with participation from democratic and progressive parties, "We only conveyed the proposal," adding that the sides were not able to discuss reform of the National Court Administration, according to Chosunbiz. The meeting that day lasted four minutes and did not lead to detailed discussions.

The Democratic Party formalized discussions on impeachment but said it will determine its direction after gathering opinions following the parliamentary audit, SBS News reported. The People Power Party pushed back, calling the effort a parliamentary coup intended to block the president's trial, and asserted that the real aim is to sideline the chief justice before the regular reshuffle of judges in February next year so that President Lee's trial cannot resume.

Defamation Complaint Against Writer

Separately, Kim addressed President Lee Jae-myung's remark that he is not seeking punishment over a defamation complaint brought against writer Yoo See-min under the Information and Communications Network Act. Kim said the president likely thought the matter was better resolved through debate than through the law, according to the Seoul Economic Daily.

"Many people probably think the content and wording of Yoo's remarks went too far," Kim said, adding that he hoped the writer would observe the limits when offering criticism, the Seoul Economic Daily reported.

Conclusion

Kim Min-seok has committed the ruling Democratic Party to a year-end conclusion on the South Korea crypto tax, after raising the issue with Deputy Prime Minister Lee Hyoung-il and calling for a final review of whether to proceed as planned or revise the system. The tax, introduced in 2020, has been deferred three times.

On the impeachment front, the next concrete step is the confirmed Wednesday morning meeting between Rebuilding Korea Party floor leader Kim Jun-hyeong and Democratic Party floor leader Han Byung-do, with the Democratic Party set to decide its direction after gathering opinions following the parliamentary audit.

Frequently Asked Questions

What did Kim Min-seok say about the South Korea crypto tax on October 22?

Kim Min-seok, who leads the ruling Democratic Party of Korea, said on the 22nd that the time had come for intensive discussions over whether to tax virtual assets as scheduled or revise the system, and he pledged a conclusion before the end of the year, according to the Seoul Economic Daily.

How many times has South Korea's virtual asset tax been delayed?

The virtual asset tax was introduced in 2020 and has had its implementation deferred three times, the Seoul Economic Daily reported. Kim Min-seok's pledge of a year-end decision signals the ruling party intends to resolve the question rather than postpone it again.

Who is pushing to impeach Supreme Court Chief Justice Jo Hee-dae?

The Rebuilding Korea Party unveiled an impeachment motion against Chief Justice Jo and urged the Democratic Party to join, proposing a joint task force and a joint general meeting of lawmakers. Party leader Shin Jang-sik said the push would accelerate from November through consultations with the Democratic Party.

What is the Democratic Party's position on the impeachment effort?

The Democratic Party formalized discussions on impeachment but said it will determine its direction after gathering opinions following the parliamentary audit, SBS News reported. Spokesperson Jo Gye-won said the party is also reviewing a parliamentary investigation to confirm specific grounds for impeachment.

When will the Rebuilding Korea Party and Democratic Party floor leaders meet on impeachment?

Senior spokesperson Park Byeong-eon said a meeting between Rebuilding Korea Party floor leader Kim Jun-hyeong and Democratic Party floor leader Han Byung-do was set for Wednesday morning. The agenda is expected to include the impeachment motion, a joint task force and other cooperation.