Breaking: South Korea’s 22% crypto tax may be pushed back another two years 🇰🇷
Today (October 20), South Korean financial officials will sit down with the country’s five major exchanges—Upbit, Bithumb, Coinone, Gopax, and others—as well as industry association DAXA. There’s just one key topic: whether to delay the tax again.
Here are the key facts:
🔹 Original plan: The tax was scheduled to take effect on January 1, 2027, with a 22% tax on crypto gains exceeding 2.5 million won
🔹 This is the fourth time a delay has been proposed; implementation has already been postponed three times since 2020
🔹 A newly proposed bill by National Assembly member Park Min-gyu would defer the tax until the year after the first data exchange under CARF (the international framework for exchanging information on crypto assets). If the first exchange takes place in 2027, the tax would begin in 2029
🔹 Exchanges have a straightforward argument: the rules for calculating staking, airdrop, and DeFi income are still unclear, and there isn’t enough time to update their systems
Put simply, it’s hard to expect people to pay taxes according to rules that haven’t been clearly defined.
But note: the new bill hasn’t passed yet, so the 2027 start date remains legally in effect. If you trade in South Korea, don’t assume you’re “off the hook” just yet—the outcome of today’s meeting is what matters.
What do you think: is it better to clarify the rules first and then collect the tax, or to introduce it on schedule?
#拉脱维亚议会通过加密货币税法 #BTC #XRP
Today (October 20), South Korean financial officials will sit down with the country’s five major exchanges—Upbit, Bithumb, Coinone, Gopax, and others—as well as industry association DAXA. There’s just one key topic: whether to delay the tax again.
Here are the key facts:
🔹 Original plan: The tax was scheduled to take effect on January 1, 2027, with a 22% tax on crypto gains exceeding 2.5 million won
🔹 This is the fourth time a delay has been proposed; implementation has already been postponed three times since 2020
🔹 A newly proposed bill by National Assembly member Park Min-gyu would defer the tax until the year after the first data exchange under CARF (the international framework for exchanging information on crypto assets). If the first exchange takes place in 2027, the tax would begin in 2029
🔹 Exchanges have a straightforward argument: the rules for calculating staking, airdrop, and DeFi income are still unclear, and there isn’t enough time to update their systems
Put simply, it’s hard to expect people to pay taxes according to rules that haven’t been clearly defined.
But note: the new bill hasn’t passed yet, so the 2027 start date remains legally in effect. If you trade in South Korea, don’t assume you’re “off the hook” just yet—the outcome of today’s meeting is what matters.
What do you think: is it better to clarify the rules first and then collect the tax, or to introduce it on schedule?
#拉脱维亚议会通过加密货币税法 #BTC #XRP