Switch to seedless. Get 30% off with SWITCH30 till Oct 26South Korea delays 22% crypto tax to 2029, fourth postponement
6.5 Regulation South Korea will delay its 22% crypto gains tax to 2029, citing preparation and reporting issues. This is the fourth postponement since 2020, with broad political support for the move.
South Korea is set to delay the implementation of its planned 22% tax on cryptocurrency gains until 2029, marking the fourth postponement since the tax framework was introduced in 2020. Originally scheduled for January 2022, the tax has been successively deferred to 2023, 2025, and then 2027. The latest delay is attributed to incomplete preparations for tax collection, concerns among younger investors, and difficulties in obtaining transaction data from overseas crypto platforms. Lawmakers from both major political parties support the postponement, though with different approaches, and have proposed amendments to officially move the start date to 2029. The National Assembly's approval is required to formalize the delay. The proposed tax would impose a combined 22% rate on annual crypto gains exceeding 2.5 million won, covering both national and local income taxes. The delay is seen as supportive for the domestic crypto market and highlights ongoing challenges in establishing effective crypto-tax reporting systems.
