South Korea May Postpone 22% Crypto Tax Beyond January 2027
By Abdelaziz Fathi
AI summary of the source article
South Korea's ruling Democratic Party has asked to delay the country's planned 22% cryptocurrency tax beyond its current January 1, 2027 start date. Lawmakers are considering pushing implementation to 2029 to first enact a broader Digital Asset Basic Act.
Why it matters
Democratic Party leader Kim Min-seok stated: “We agreed that it would be better to first enact the Digital Asset Basic Act to build an overall framework and allow time for companies and investors to adapt.”
Key facts
- The planned regime levies a combined 22% tax on annual crypto gains above a 2.5 million won deduction and is legally scheduled for January 1, 2027.
- Democratic Party leader Kim Min-seok proposed delaying the tax until the Digital Asset Basic Act is enacted, with lawmakers discussing a potential shift to 2029.
- If approved by the National Assembly, this would be the fourth postponement since the tax was introduced in 2020.
Source excerpt · FinanceFeeds
South Korea’s ruling Democratic Party has formally asked the government to postpone the country’s planned cryptocurrency tax again, arguing that a broader digital-asset framework should be enacted before investors begin paying tax on crypto gains. Democratic Party leader Kim Min-seok announced the proposal at the party’s Supreme Council meeting at the National Assembly on November 4. The tax is cu…