South Korea’s Finance Ministry Joins Push to Hold Off Crypto Tax Until 2029
By Unchained
AI summary of the source article
South Korea’s government will ask the National Assembly to delay the country’s crypto income tax from 2027 to 2029. The finance ministry cited upcoming U.S. information sharing and regulatory changes under the Digital Assets Act.
Why it matters
Finance Minister Lee Hyoung-il stated that "taxing immediately could put the domestic market at a relative disadvantage compared with overseas" because virtual asset information exchange with the U.S. begins in 2029, and the industry rulebook "is expected to change significantly with the enactment of the Digital Assets Act."
Key facts
- South Korea's finance ministry is seeking to postpone the crypto income tax start date from Jan. 1, 2027, to 2029.
- The levy maintains an unchanged 22% rate on annual crypto income exceeding 2.5 million won and proposes a three-year loss carryforward.
- If approved by lawmakers, this would mark the fourth postponement of the tax levy established in 2020.
Source excerpt · Unchained
Finance Minister Lee Hyoung-il said Seoul will seek a two-year postponement of the 22% tax on crypto gains, paired with a three-year loss carryforward, a day after the ruling Democratic Party called for a delay. The post South Korea’s Finance Ministry Joins Push to Hold Off Crypto Tax Until 2029 appeared first on Unchained .