Korea’s Democrats Back a Crypto Tax Delay, Promise a Firm End Date They Haven’t Named
Lawmakers cited overseas transaction data gaps and exchange readiness as they weigh a two-year postponement, with the tax still set to start in 2027.
- On Tuesday, November 3, South Korea's Democratic Party lawmakers agreed to recommend another postponement of the country's cryptocurrency income tax, with a two-year delay until 2029 emerging as the preferred option.
- Lawmakers cited concerns regarding the government's ability to obtain reliable overseas transaction data under the Crypto-Asset Reporting Framework, alongside pending legislation like the Digital Asset Basic Act.
- Democratic Party lawmaker Oh Ki-hyung noted that while the party supports taxing income, current policy conditions require more time, as Bithumb estimated infrastructure testing could take six to nine months.
- The recommendation now moves to the party leadership and policy committee for final determination, with any change to the January 1, 2027, implementation date requiring an amendment to the Income Tax Act.
- South Korea's presidential office previously backed a postponement, while opposition People Power Party lawmakers have proposed either further delaying implementation or repealing the cryptocurrency income tax altogether.
23 Articles
23 Articles
Korea’s Democrats Back a Crypto Tax Delay, Promise a Firm End Date They Haven’t Named
The crypto income tax South Korea is due to start collecting on Jan. 1, 2027 should be put off, the ruling Democratic Party formally told the government, though it has yet to say for how long. “The Democratic Party formally proposes to the government a deferral of taxation on virtual asset income,” the Democratic Party chief Kim Min-seok told the party’s Supreme Council in the National Assembly on Nov. 4, according to Korean news agency News1. K…
South Korea's ruling party wants to delay its crypto tax again
(Seoul = Yonhap News) Reporters Kim Nam-kwon and Jeong Yeon-sol = Democratic Party leader Kim Min-seok urged the government to once again postpone the taxation of virtual asset income scheduled to be implemented next year...
South Korea lawmakers push for another crypto tax delay until 2029
South Korea’s ruling Democratic Party lawmakers have agreed to recommend another postponement of the country’s cryptocurrency income tax, with a two-year delay until 2029 emerging as the preferred option. According to Seoul Economic Daily, members of the National Assembly’s Finance,…
Democratic Party lawmakers on the National Assembly's Finance and Economy Committee have decided to convey to the party leadership the need for a postponement ahead of the implementation of virtual asset taxation scheduled for next January. Representative Oh Ki-hyung, the ruling party's 간사 (chief secretary) on the committee, met with reporters following a party-government consultation held at the National Assembly on the 3rd and stated, “(The pa…
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