South Korean Officials Lean Toward Delaying Crypto Tax Until 2029: Report
By Unchained
AI summary of the source article
South Korea's government is considering postponing its crypto income tax from January 2027 to January 2029. Officials cite cross-border data sharing constraints, noting the U.S. will not begin information exchanges under the OECD framework until 2029.
Why it matters
The presidential office warned that with a 2027 start, "the tax could end up falling on domestic exchange users alone."
Key facts
- South Korea is considering postponing its 22% crypto income tax from January 1, 2027, to January 2029.
- The tax would apply to income above 2.5 million won from disposing of or lending crypto.
- A 2027 implementation would leave tax authorities tracing U.S. exchange data individually, as the U.S. does not join the OECD's Crypto-Asset Reporting Framework until 2029.
Source excerpt · Unchained
A presidential office official said talks are moving toward a postponement, and a government official expects a final decision in late November or early December. The post South Korean Officials Lean Toward Delaying Crypto Tax Until 2029: Report appeared first on Unchained .