South Korea Weighs Fourth Delay of Crypto Tax, With 2029 Start Tied to U.S. Data Sharing
By Micah Zimmerman
AI summary of the source article
South Korea's presidential office is considering a fourth postponement of its 22% crypto gains tax, potentially pushing the start date from 2027 to 2029. The delay is linked to regulatory gaps and the timing of U.S. crypto tax data sharing.
Why it matters
A presidential office official noted that without U.S. trading data, "the National Tax Service would have to chase overseas transactions one by one, and Korean traders on domestic exchanges would carry a heavier burden than those on foreign platforms or in self-custody."
Key facts
- The 22% tax on virtual asset gains above 2.5 million won is currently scheduled to take effect on January 1, 2027.
- A potential push to 2029 aligns with when the United States joins the OECD's Crypto-Asset Reporting Framework.
- South Korean lawmakers have filed competing bills to either postpone the crypto tax to 2029 or repeal it entirely.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine South Korea Weighs Fourth Delay of Crypto Tax, With 2029 Start Tied to U.S. Data Sharing South Korea is weighing a fourth delay of its 22% crypto tax, pushing the start from January 2027 to 2029 so authorities can access U.S. trading data once Washington joins the OECD’s Crypto-Asset Reporting Framework. This post South Korea Weighs Fourth Delay of Crypto Tax, With 2029 Start Tied…