South Korea weighs fourth crypto tax delay to 2029

South Korea is considering a fourth postponement of its cryptocurrency gains tax, with a 2029 start proposed instead of the current January 1, 2027, date. The delay has not been approved and would require an amendment by the National Assembly. The presidential office is discussing the proposal with government agencies, according to reports citing officials. The reported rationale includes concern that South Korean authorities will not have access to U.S. crypto-trading data until 2029, making it harder to track overseas transactions and potentially placing a heavier compliance burden on users of domestic exchanges. The tax is set at 20% plus local tax, or 22% in total, on annual net gains from crypto transfers or lending above a 2.5 million won deduction. The National Tax Service still lists January 1, 2027, as the scheduled start date. Democratic Party lawmaker Park Mingyu has proposed setting the start date at January 1, 2029. One report said Park introduced a bill on October 16 with 13 fellow lawmakers. The proposal would need parliamentary approval to change the existing schedule. The timing debate is linked to the OECD’s Crypto-Asset Reporting Framework, which provides...