South Korea’s ruling party leader Kim Min-seok has proposed delaying the tax on cryptocurrency income, which is scheduled to take effect on January 1, 2027.
According to PANews, citing The Block and News1, Kim said at a party meeting that he had formally made the proposal to the government. He argued that South Korea should first establish a legal framework for crypto assets through a Digital Asset Basic Act, giving businesses and investors time to adapt before taxing crypto gains.
· The proposal came from the ruling party leader, but reports only say it was “proposed to the government”; they have not said whether it will be adopted.
· The timeline therefore remains January 1, 2027, as originally scheduled; reports have not mentioned an alternative effective date.
If the delay goes ahead, which do you think will come first: the legislative framework or a change to the effective date?
According to PANews, citing The Block and News1, Kim said at a party meeting that he had formally made the proposal to the government. He argued that South Korea should first establish a legal framework for crypto assets through a Digital Asset Basic Act, giving businesses and investors time to adapt before taxing crypto gains.
· The proposal came from the ruling party leader, but reports only say it was “proposed to the government”; they have not said whether it will be adopted.
· The timeline therefore remains January 1, 2027, as originally scheduled; reports have not mentioned an alternative effective date.
If the delay goes ahead, which do you think will come first: the legislative framework or a change to the effective date?
