According to CoinMeta, Korean Vice Prime Minister and Finance Minister Kim Eun-chul confirmed at a meeting of the National Assembly's Financial and Economic Planning Committee on July 29 that starting from January 1, 2027, South Korea will impose a tax rate of 22% on cryptocurrency gains, ending the expectation that this long-delayed measure might be postponed again. Under the Income Tax Act, income obtained from the transfer or lending of virtual assets will be classified as other income, and those with annual gains exceeding 2.5 million Korean won (about $1,740) will face a national tax of 20%, with local taxes raising the overall tax rate to 22%. Investors who do not reach this threshold will not be required to pay taxes. Taxpayers are expected to file their first tax returns for 2027 in May 2028. This taxation was initially approved in 2020 and was scheduled to be implemented in January 2022, but due to delays by legislators, the final deadline was pushed to 2027. Kim Eun-chul acknowledged concerns regarding the design of the tax system, but stated that including virtual assets within the capital gains framework requires a more comprehensive review of the tax treatment for South Korea's financial market.