South Korea Weighs Another Delay on 22% Crypto Tax, Pushing to 2029
South Korea lawmakers are considering postponing the implementation of a 2020 income tax policy on digital assets, citing challenges in data sharing with US officials.
Government officials in South Korea are reportedly contemplating delaying the cryptocurrency tax policy, initially scheduled for January 2027. According to a Newsis report from Monday, the crypto income tax, set at 22% with 20% from income and 2% as local tax for annual gains above 2.5 million Korean won ($1,883), could be pushed to 2029.
This delay is partly due to the inability to share tax information on digital asset exchanges with the US until 2029, when the US is set to begin participating in the OECD’s Crypto-Asset Reporting Framework. A South Korean official noted that the country is considering another delay because the US "accounts for nearly half of the virtual asset market."
As of Monday, South Korea’s National Tax Service listed January 1, 2027, as the start date for the crypto tax.
Related:
- France advances stablecoin tax, eyes self-custodial wallets and exit tax proposals
- Canada opens consultation on stablecoins, citing US GENIUS Act
- ECB official sees digital euro as key to protecting EU ‘sovereignty’
Market Data (as of the original article):
- DOGE: $0.07763 (1.64%)
- TRX: $0.3297 (0.16%)
- LINK: $11.34 (0.05%)
- ZEC: $1,227.30 (2.72%)
- ADA: $0.2045 (1.42%)
- XRP: $1.30 (1.36%)
- ETH: $2,319.46 (0.65%)
- BTC: $79,985.01 (0.53%)
- XMR: $605.97 (2.74%)
- BNB: $741.47 (0.66%)
- XLM: $0.1686 (0.91%)
- SOL: $100.52 (0.16%)
- HYPE: $78.01 (2.98%)
Sources:
- Cointelegraph
- Newsis
- OECD
- National Tax Service (South Korea)