South Korea proposes delaying digital-asset tax to 2029
The finance ministry proposes moving the start from 2027, saying a US information exchange will begin in 2029 and an earlier tax could disadvantage the domestic market.
Loading… Բեռնվում է…
The finance ministry proposes moving the start from 2027, saying a US information exchange will begin in 2029 and an earlier tax could disadvantage the domestic market.
South Korea’s finance ministry said on 5 November that the government proposes delaying digital-asset taxation until 2029, giving investors and exchanges more time before the tax begins if parliament approves the change. The existing start date is 2027.
The ministry said the proposed delay reflects the start of virtual-asset information exchanges with the US in 2029. Starting the tax earlier could put South Korea’s domestic market at a disadvantage to global markets, it said. CNA reported the ministry’s announcement.
The government announced the tax in July 2020, and parliament passed the legislation in December 2020 for a 2022 start, The Korea Times said. The start was later postponed to 2023, 2025 and then 2027. In May 2026, the finance ministry reaffirmed the January 2027 timetable.
The Korea Times reported on 21 October that international sharing of crypto-transaction information was expected to begin in 2027. Ruling-party lawmaker Park Min-kyu proposed starting taxation two years after the first year of those exchanges.
At an October meeting, industry representatives asked for clearer rules for transactions, more time to build and test reporting systems, and fair enforcement for users of domestic and overseas exchanges. First Vice Finance Minister Kwon Dae-young pledged to review cross-border information exchange, transaction rules and filing procedures.
The government plans to consult parliament and submit legislative amendments in 2027. It also plans to disclose specific tax-code details to investors in the first half of 2028. Parliament must approve the change for the later start to take effect.
Over the next two years, the government plans to prepare measures for taxing overseas digital-asset trading, while considering the sector’s high volatility, investor protection and support for industry growth. The ministry also said digital-asset legislation under development could significantly change the market in the coming years.
Under the previously planned regime, income from transferring or lending digital assets would be classified as other income, The Korea Times reported. Annual profits above an allowance of 2.5 million won would be taxed at 22%, including local income tax, after deducting acquisition costs and related expenses from proceeds.
The ministry’s November 5 announcement did not specify the proposed 2029 regime’s rates, thresholds or transaction coverage.
The bank signed the agreement in October 2026 with a fund managed by Switzerland’s BlueOrchard Finance Ltd. The proceeds are intended for lending to micro, small and medium-sized enterprises in Armenia.
1 min
Growth accelerated from 5.29% in the second quarter and exceeded the 5.18% forecast in a Reuters poll, with manufacturing supporting the expansion, according to Indonesia’s statistics bureau.
1 min
After the November 4 signing, a Syrian official confirmed that soldiers had been sent to Saudi Arabia for training, exchanges of expertise and military consultations.
3 min
