South Korea's Cryptocurrency Tax Bill Proposed to Be Delayed Until 2029

Senior officials from South Korea's finance department plan to consult with major cryptocurrency exchanges on Tuesday, including representatives from Upbit, Bithumb, Coinone, DigitalX, Gopax, and the Digital Asset Exchange Alliance (DAXA). Yoo Young-jun, head of the Digital Finance Policy Bureau of the Financial Services Commission, will attend the meeting. South Korea has postponed its cryptocurrency tax three times, with the most recent delay pushing the implementation date to 2027. Exchange representatives stated that the applicable rules for different types of transactions have yet to be determined, and there is limited time to prepare the necessary infrastructure. The industry generally supports further delaying the tax. Democratic Party lawmaker Park Min-gyu proposed a bill to set the tax commencement date as January 1 of the second year after South Korea begins sharing data under the OECD's Crypto-Asset Reporting Framework (CARF). If the first data exchange occurs in 2027, the tax will start in 2029.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.