South Korea's ruling party wants to delay its crypto tax again

South Korea’s ruling party wants to delay its crypto tax again. (Daniel Bernard/Unsplash) Summary Show South Korea’s ruling Democratic Party is seeking to delay a tax on cryptocurrency gains from January 2027 to 2029, which would mark its fourth postponement. Lawmakers say more preparation is needed for international tax information sharing, domestic digital asset legislation and testing of tax reporting systems.

Current law would tax annual cryptocurrency profits above 2.5 million won at 20 percent, plus a 2 percent local levy, and Finance Minister Lee Hyoung-il supports starting on schedule. South Korea’s ruling Democratic Party wants to delay a tax on cryptocurrency gains by two more years, which would be the fourth postponement. Democratic lawmakers on the National Assembly’s Strategy and Finance Committee agreed on Nov.

3 to recommend the deferral to party leadership, local media reported. The tax, on what Korea calls virtual assets, is due to take effect in January 2027.