South Korea eyes a 2029 start for its crypto tax, delaying implementation again.
A Blue House official confirmed on October 25 that “taxation of virtual assets is being discussed with a view to delaying implementation,” marking a fourth postponement. The most likely new start date is January 2029, when the United States is set to join the OECD’s Crypto‑Asset Reporting Framework (CARF) for data sharing.
The proposed levy is 22 % of gains above 2.5 million won (about $1,886) after acquisition costs are deducted. Lawmakers will amend the Income Tax Act during the tax‑law reform debate beginning in November, with a final decision expected between late November and early December.
A petition to postpone the tax for two years reached 50,000 signatures, warning that most crypto investors are facing heavy losses and that the tax could drive users to offshore platforms. Regulators have recently blocked 27 overseas exchanges, including KuCoin and MEXC.
Will further delays protect investors or weaken future tax compliance?
#SouthKorea #CryptoTax #OECD #VirtualAssets #FinTech
A Blue House official confirmed on October 25 that “taxation of virtual assets is being discussed with a view to delaying implementation,” marking a fourth postponement. The most likely new start date is January 2029, when the United States is set to join the OECD’s Crypto‑Asset Reporting Framework (CARF) for data sharing.
The proposed levy is 22 % of gains above 2.5 million won (about $1,886) after acquisition costs are deducted. Lawmakers will amend the Income Tax Act during the tax‑law reform debate beginning in November, with a final decision expected between late November and early December.
A petition to postpone the tax for two years reached 50,000 signatures, warning that most crypto investors are facing heavy losses and that the tax could drive users to offshore platforms. Regulators have recently blocked 27 overseas exchanges, including KuCoin and MEXC.
Will further delays protect investors or weaken future tax compliance?
#SouthKorea #CryptoTax #OECD #VirtualAssets #FinTech
