South Korea lawmakers mull pushing crypto tax implementation to 2029
The Seoul government is reportedly weighing another delay for a 2020 income tax policy on digital assets, citing concerns with receiving data from US officials.
South Korean lawmakers are considering pushing back the implementation of cryptocurrency tax policy from January 2027 to 2029, according to a report from Newsis. The tax, which would impose a 22% tax on crypto gains, has seen multiple delays since its first proposal in 2020. The government is concerned about receiving data from US officials, with the US set to join the OECD’s Crypto-Asset Reporting Framework in 2029.
A South Korean official stated that the country was taking into account the US's significant contribution to the virtual asset market, which accounts for nearly half. The tax, which applies to investors earning over 2.5 million Korean won ($1,883) annually, is expected to impose a 20% tax on income and an additional 2% local tax.
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