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  • Cryptocurrency

    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

    The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

    3 MIN READBy Jun Ji-hye
    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
  • Economy

    Korean construction stocks rise on nearing US investment deal

    2 MIN READBy Park Han-sol
    Korean construction stocks rise on nearing US investment deal
  • Economy

    More young Koreans look to stocks, bonds as retirement nest egg

    3 MIN READBy Park Han-sol
    More young Koreans look to stocks, bonds as retirement nest egg
  • Economy

    Foreign investors turn net sellers of Korean bonds in Aug.

    1 MIN READBy Yonhap
    Foreign investors turn net sellers of Korean bonds in Aug.
  • Economy

    KOSPI falls on higher oil prices, global bond yields

    2 MIN READBy Lee Hyo-jin
    KOSPI falls on higher oil prices, global bond yields
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

Bitcoin slides back to pre-Trump levels

LONDON — Bitcoin dipped below $75,000 on Monday, returning to levels seen before US President Donald Trump's re-election, as investors pulled back from risky assets and US cryptocurrency legislation stalls. Digital currencies had soared after Trump was elected in November 2024, as he was widely viewed as a strong supporter of the sector. One month later, bitcoin — the world's largest cryptocurrency — crossed the $100,000 mark for the first time, a milestone Trump publicly celebrated. Bitcoin suffered a sharp setback in April, falling below $75,000 after the announcement of sweeping US tariffs rattled global markets. The volatile asset later resumed its rise, reaching a record high of $126,251.31 in October, before undergoing another pullback. The latest downturn is largely driven by ongoing regulatory uncertainty. While Congress passed a law in July to regulate stablecoins — a form of cryptocurrency backed by traditional assets — a broader crypto bill, the Clarity Act, has stalled in the Senate. "Expectations for progress on the Clarity Act have not been met," said James Butterfil

Feb 3, 2026By AFP
Bitcoin slides back to pre-Trump levels
Others

No talks underway on supplementary budget: finance chief

Finance Minister Koo Yun-cheol said Monday there have been no discussions within the government regarding a supplementary budget despite speculation about additional fiscal measures to support economic growth. Koo made the remarks while speaking to reporters during a visit to a local market, as President Lee Jae Myung has recently mentioned the need for a supplementary budget on several occasions to support the culture and arts sector, and to boost the broader economy. "As of now, there are absolutely no discussions within the government regarding a supplementary budget," Koo said. Speaking of talks with the United States over bilateral tariff issues, Koo said Industry Minister Kim Jung-kwan explained South Korea's position to U.S. Commerce Secretary Howard Lutnick, adding that some misunderstandings "have been cleared up." "We explained that South Korea will pass the necessary legislation without delay and proceed step by step with the required procedures," Koo added. Regarding the domestic stock market, the minister said Monday's drop in the benchmark Korea Composite Stock Price Index (

Feb 2, 2026By Yonhap
No talks underway on supplementary budget: finance chief
Others

Finance chief calls for stable food supply ahead of Lunar New Year

Finance Minister Koo Yun-cheol on Monday called for stepped-up efforts to ensure a stable supply of major food items ahead of the Lunar New Year later this month, his office said. Koo made the remarks while visiting a traditional market in Cheonan, about 85 kilometers south of Seoul, to inspect the implementation of government measures aimed at stabilizing prices during the holiday period, which runs from Feb. 16 to 18. "With demand for holiday food items overlapping, consumer prices could feel higher," Koo said, urging relevant ministries to ensure the smooth management of the supply of items vulnerable to price volatility and to push ahead with discount programs during the remaining period. The ministry earlier announced that the government will expand discount support for everyday goods during the holiday and broaden the range of products eligible for discount events linked to state-issued gift certificates. During the visit, Koo also listened to difficulties raised by merchants related to the expansion of discount promotions, the ministry said.

Feb 2, 2026By Yonhap
Finance chief calls for stable food supply ahead of Lunar New Year
Economy

Seoul stocks dip over 5% on Fed chair nomination, drop in gold prices

Korean stocks nosedived by more than 5 percent Monday, due largely to a risk-averse sentiment following the nomination of the new Federal Reserve chair, and a sharp decline in silver and gold prices. The Korean won plunged against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 274.69 points, or 5.26 percent, to close at 4,949.67, snapping a four-session winning streak. The country's main bourse operator, the Korea Exchange (KRX), issued a sell-side circuit breaker for 5 minutes around noon. Trade volume was heavy at 568.8 million shares worth 32 trillion won ($21.9 billion). Losers outnumbered winners 795 to 116. Foreign and institutional investors offloaded a net 2.5 trillion won and 2.2 trillion won, respectively. Retail investors, on the other hand, went bargain hunting and snapped up a net 4.6 trillion won. Local stocks came under selling pressure following the nomination of Kevin Warsh, seen widely as a hawkish figure, as Fed chair, and sharp declines in silver and gold prices, according to Lee Kyoung-min, an analyst from Daishin Securities. "A sharp

Feb 2, 2026By Yonhap
Seoul stocks dip over 5% on Fed chair nomination, drop in gold prices
Economy

Cheong Wa Dae says exemption of heavy capital gains tax for multiple home owners to end in May

Cheong Wa Dae said Monday an exemption of heavy capital gains tax for owners of multiple homes will expire on May 9, in line with President Lee Jae Myung's strong resolve to stabilize the property market. "It is clear that the exemption will end on May 9, as the president has repeatedly stressed on social media platforms," presidential spokesperson Kang Yu-jung told reporters, quelling media speculation about a further extension of the tax breaks. Currently, capital gains taxes on real estate sales range from 6 to 45 percent. Owners of two homes in designated speculative zones face an additional 20 percentage points, while those owning three homes are subject to a 30 percentage-point surcharge on top of the base rate. Asked whether the move is part of preparations for a broader tax overhaul, Kang said the government is implementing various measures to stabilize the housing market, noting that Lee believes revising the property holding taxes should be considered a "last resort." "Revising property holding taxes should be considered only if all these measures are deemed ineffective" Kang s

Feb 2, 2026By Yonhap
Cheong Wa Dae says exemption of heavy capital gains tax for multiple home owners to end in May
Others

Fed chair designation renews fears of won weakening

Fears of renewed weakness in the Korean won against the U.S. dollar are growing, amplified by the dollar strengthening and foreign investors dumping Korean stocks, market analysts said Monday. Fueling the won's weakness was the designation of Kevin Warsh, a former Federal Reserve governor, as the next chair of the U.S. central bank. He was considered “less dovish” than other Fed candidates, a view that pushed up the value of the dollar. He was long known for his hawkish stance, but since last year voiced support for monetary easing, citing productivity gains from artificial intelligence (AI). A dovish Fed would in theory give the Bank of Korea (BOK) room to maneuver, since the interest rate differential of 1.25 percentage points between the two would be narrowed. This would reduce risk of capital outflow, partially stabilizing the Korean currency. In case of a prolonged economic slowdown in the coming quarters, the central bank would then be able to cut rates without fear of currency depreciation. “The recent won weakening is driven by overall strength in the global reserve currency

Feb 2, 2026By Lee Kyung-min
Fed chair designation renews fears of won weakening
Others

Banks tap into running boom with fitness-linked products

As the number of Koreans who run for fun has reached 10 million, commercial banks are trying to take advantage of the recent boom in the activity's popularity to attract new customers by offering runners higher savings rates and other financial products, industry officials said Monday. Up to one-fifth of the country’s population now claim to run for fun, a figure that cannot be overlooked, according to officials. Major banks here have already rolled out tailor-made campaigns or plan to do so in the coming months. The country’s largest lender, KB Kookmin Bank, plans to launch the “KB Star Health Savings” account, which is linked to a health app and offers an annual interest rate of up to 6 percent based on step counts. The bank also plans to host a marathon, possibly in April or May, with a target of 5,000 participants. “After considering the marketing effect, the envisioned marathon is noteworthy, as financial companies have typically been sponsors of running events, not hosts,” an employee at a local marketing company said. Shinhan Bank was the first in the industry to launch

Feb 2, 2026By Yi Whan-woo
Banks tap into running boom with fitness-linked products
Policy

Korea bolsters AI capabilities to tackle crypto market manipulation

The Financial Supervisory Service (FSS) is upgrading an artificial intelligence (AI)-powered platform for virtual asset surveillance as part of efforts to crack down on increasingly sophisticated market manipulation, the watchdog said Monday. The platform, Virtual Assets Intelligence System for Trading Analysis (VISTA), is designed to process massive volumes of trading data, automatically flag abnormal transactions and visualize trading behavior. The financial watchdog said VISTA has already become a core investigative tool in crypto-related enforcement cases. Last December, FSS expanded its computing capacity by installing two new servers equipped with high-performance central and graphics processing units. Leveraging this infrastructure, the agency has developed an automated detection model that identifies suspected price-rigging periods without manual intervention. The system scans every possible trading interval — from seconds to months — and calculates abnormal trading metrics across all segments, allowing authorities to uncover manipulation patterns regardless of how frequently

Feb 2, 2026By Jun Ji-hye
Korea bolsters AI capabilities to tackle crypto market manipulation
Others

Older Koreans favor retirement age extension due to financial hardship

Kim Young-ho, a man in his late 50s, said he is still healthy and able to work. His manufacturing job is not easy, but he says stopping is not an option. “If I retire at 60, I cannot pay rent and hospital bills,” he said. “I am slower than before, sure. But I still know my job better than younger workers.” Kim hopes to work until he's at least 67. “Retirement feels like being pushed out while I can still stand on my own feet. Young part-time staff I hire come and go, but I stay,” he said. “I handle complaints, train new workers and keep the business running.” He worries about what will happen if the government and ruling Democratic Party of Korea (DPK) move to extend the retirement age to 65, up from the current 60. For Park Jae-min who retired a few years ago, life is not like what it used to be. “I now work short-term delivery and security guard jobs. Every contract ends quickly. The pay is lower, and there is no room for respect," he said. Park said an extended retirement age would give older workers dignity. “One stable job is better than many small jobs,” he said.

Feb 2, 2026By Lee Kyung-min
Older Koreans favor retirement age extension due to financial hardship
Economy

Not even lottery jackpots are enough to buy apartments in Seoul

Cho Soo-chul, a Seoul tenant in his 40s, has been buying lottery tickets for years with the hope of winning enough money to buy a home, a goal he finds impossible without hitting the jackpot amid soaring housing prices. But that hope is fading, Cho says. “Lottery jackpots have dropped to a level that is not even enough to buy an average apartment in Seoul after paying taxes,” he told The Korea Times. “Winning the lottery is no longer the life-changing opportunity it once was, disappointing an increasing number of buyers who I am sure are tenants like me.” Cho’s frustration is reflected in data released Monday by Dong Hang Lottery, the government-consigned lottery operator, which showed that jackpots in 2025 averaged 2.06 billion won ($1.41 million), which falls to 1.4 billion won once taxes are deducted. That after-tax amount is below the average price of an apartment in Seoul, which was 1.5 billion won in December 2025, according to separate data compiled by KB Land, the property data tracker of KB Kookmin Bank. Last year’s biggest jackpot was 2.06 billion won, the lowest in

Feb 2, 2026By Yi Whan-woo
Not even lottery jackpots are enough to buy apartments in Seoul
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