South Korea Pushes 22% Crypto Tax to 2029 in Fourth Delay, Offers Three-Year Loss Carryforward
By Micah Zimmerman
AI summary of the source article
South Korea plans to delay its 22% cryptocurrency gains tax by two years to 2029, subject to parliamentary approval. The proposal also introduces a three-year loss carryforward to offset taxable gains.
Why it matters
The government stated that introducing the tax before receiving overseas trading data in 2029 "could put Korea’s domestic crypto market at a disadvantage."
Key facts
- South Korea's government plans to delay its 22% tax on virtual asset gains above 2.5 million won to 2029.
- The delay allows time for cross-border transaction data exchange with the U.S. under the OECD Crypto-Asset Reporting Framework starting in 2029.
- A newly proposed three-year loss carryforward would permit crypto losses realized in 2029 to offset gains through 2032.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine South Korea Pushes 22% Crypto Tax to 2029 in Fourth Delay, Offers Three-Year Loss Carryforward South Korea's government will ask lawmakers to delay its 22% crypto gains tax to 2029 and let investors carry losses forward for up to three years. This post South Korea Pushes 22% Crypto Tax to 2029 in Fourth Delay, Offers Three-Year Loss Carryforward first appeared on Bitcoin Magazine…