Here’s why South Korea is delaying crypto tax until 2029

cryptonews11-05 17:25

South Korea has announced plans to postpone its cryptocurrency income tax by another two years, moving the proposed implementation date from January 2027 to 2029 as authorities prepare new tax rules ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s why South Korea is delaying crypto tax until 2029\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-11-05 17:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/south-korea-crypto-tax-delay-2029-fourth-postponement/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>South Korea has announced plans to postpone its cryptocurrency income tax by another two years, moving the proposed implementation date from January 2027 to 2029 as authorities prepare new tax rules ...</p>\n\n<a href=\"https://crypto.news/south-korea-crypto-tax-delay-2029-fourth-postponement/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BLOK","symbol_name":"Amplify Transformational Data Sharing ETF","start_time":0,"source_url":"https://crypto.news/south-korea-crypto-tax-delay-2029-fourth-postponement/","article_id":"2681748047","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/south-korea-crypto-tax-delay-2029-fourth-postponement/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2681748047","pubTimestamp":1793870700,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"South Korea has announced plans to postpone its cryptocurrency income tax by another two years, moving the proposed implementation date from January 2027 to 2029 as authorities prepare new tax rules and overseas transaction reporting systems.South Korea’s government has formally proposed delaying its cryptocurrency gains tax from January 2027 until 2029.Finance Minister Lee Hyoung-il said the proposal would be the fourth postponement since the tax framework was introduced in 2020.The planned 22% tax on annual crypto gains exceeding 2.5 million won  would remain unchanged.Seoul cited delayed cryptocurrency tax information exchanges with the United States and unfinished regulatory preparations.The government plans to introduce a three-year loss carryforward provision and establish a public-private working group.Finance Minister Lee Hyoung-il confirmed the government’s position during a November 5 press conference in Seoul, Yonhap News Agency reported. The proposal would represent the fou","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BLOK":"Amplify Transformational Data Sharing ETF","XRPZ":"Franklin XRP ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","BITW":"Bitwise 10 Crypto Index ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","UXRP":"Proshares Ultra XRP ETF","XXRP":"2倍做多XRP ETF-Teucrium","DAPP":"VanEck Digital Transformation ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","HECO":"SPDR Galaxy Hedged Digital Asset Ecosystem ETF","XRPC":"Canary XRP ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","DIME":"CoinShares Altcoins ETF","XRPI":"1倍XRP ETF-Volatility Shares","STCE":"Schwab Crypto Thematic ETF","XRPK":"T-REX 2x Long XRP Daily Target ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","XRPR":"REX-OSPREY XRP ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF","BKCH":"AdvisorShares Sabretooth ETF","XRPT":"2倍杠杆XRP ETF-Volatility Shares"},"translate_title":"这就是韩国将加密货币税推迟到 2029 年的原因","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STCE":1.5,"GDLC":1.5,"BLOK":0.9,"HECO":0.9,"UXRP":0.61,"XRPR":0.6,"BKCH":1.5,"DAPP":1.5,"XRPK":0.6,"XRPZ":0.61,"XRPT":0.6,"XRPI":0.6,"BITQ":1.5,"NCIQ":1.5,"XXRP":0.61,"XRPC":0.61,"CRPT":1.5,"DIME":1.5,"TEKX":1.5,"BITW":1.5,"LFGY":1.5},"content_text":"South Korea has announced plans to postpone its cryptocurrency income tax by another two years, moving the proposed implementation date from January 2027 to 2029 as authorities prepare new tax rules and overseas transaction reporting systems.\n\n\nSummary\n\n\n\nSouth Korea’s government has formally proposed delaying its cryptocurrency gains tax from January 2027 until 2029.\nFinance Minister Lee Hyoung-il said the proposal would be the fourth postponement since the tax framework was introduced in 2020.\nThe planned 22% tax on annual crypto gains exceeding 2.5 million won ($1,869) would remain unchanged.\nSeoul cited delayed cryptocurrency tax information exchanges with the United States and unfinished regulatory preparations.\nThe government plans to introduce a three-year loss carryforward provision and establish a public-private working group.\n\n\n\nFinance Minister Lee Hyoung-il confirmed the government’s position during a November 5 press conference in Seoul, Yonhap News Agency reported. The proposal would represent the fourth postponement since South Korea introduced its cryptocurrency taxation framework in 2020, although the National Assembly must approve the change before it takes effect.\nThe government intends to use the additional time to address gaps in tax collection, particularly for investors trading through overseas cryptocurrency platforms.\nSouth Korea’s crypto tax faces fourth postponement\nSouth Korea originally planned to begin taxing cryptocurrency profits in January 2022 after introducing the legislation in 2020. Authorities subsequently moved the implementation date to 2023, then 2025, before settling on January 1, 2027.\nThe latest proposal would extend that timetable by another two years, following growing concerns about the government’s ability to collect accurate information on cryptocurrency transactions.\n\n“It is with a heavy heart that I announce another proposed delay in taxation,” Lee said during Thursday’s press conference.\n\nThe finance minister acknowledged that the country had already postponed the measure three times. He said officials would work with lawmakers to establish a tax collection system that could operate effectively when implementation begins in 2029.\nUnder the existing framework, cryptocurrency investors would pay a combined 22% tax on annual gains exceeding 2.5 million won ($1,869).\nThe rate includes a 20% national income tax and an additional 2% local income tax. Only gains above the annual deduction would be taxable, meaning investors earning less than the threshold would not owe the proposed levy.\nFor example, an investor recording 5 million won in qualifying annual gains would have 2.5 million won subject to taxation, resulting in a 550,000 won tax liability.\nU.S. crypto transaction data-sharing delays tax plans\nThe government identified international tax information exchanges as a major reason for seeking another postponement.\nSouth Korea expects to begin exchanging cryptocurrency transaction information with the United States in 2029, creating concerns about introducing the tax before authorities can obtain comparable information about overseas trading.\nOfficials believe an earlier implementation could disadvantage domestic cryptocurrency investors and exchanges if transactions conducted through foreign platforms remain difficult to monitor.\nThe issue had already attracted attention from lawmakers questioning whether the government could enforce the same rules for investors using local and overseas services.\nAs crypto.news previously reported, the presidential office supported another postponement in October after officials raised concerns about incomplete preparations and access to overseas transaction records.\nFurther questions about transaction reporting have focused on how authorities would calculate taxable profits, establish acquisition costs and handle assets purchased before the tax takes effect.\nThe Finance Ministry said the delay would give officials more time to improve the treatment of domestic and international transactions while maintaining the principle that investment income should be taxed.\nGovernment proposes three-year crypto loss deductions\nAlongside the revised implementation date, Seoul is preparing changes to how cryptocurrency investment losses would be treated.\nThe government wants investors to carry forward eligible losses for up to three years, allowing them to offset future taxable gains.\nSuch a provision could help investors whose cryptocurrency holdings experience substantial price fluctuations across different tax years.\nThe proposed system would follow practices used in other markets, including the United States and Britain, according to the ministry.\nOfficials plan to establish a public-private working group to examine the tax framework, clarify reporting requirements and simplify the process of filing cryptocurrency tax returns.\n\n“The working group will hold its first meeting soon,” the Finance Ministry said.\n\nDiscussions are expected to continue through the first half of 2027, covering the treatment of different cryptocurrency transactions and the administrative systems needed to collect taxes.\nThe ministry said it intends to submit legislative amendments during the National Assembly’s regular session in 2027.\nLawmakers must approve South Korea’s revised tax deadline\nThe government’s announcement follows several months of political discussions over whether the cryptocurrency tax should begin as scheduled.\nIn August, officials had maintained the January 2027 deadline in the government’s tax reform plans, despite calls for another postponement.\nOpposition to the timetable grew as lawmakers questioned the readiness of reporting systems and the treatment of cryptocurrency transactions conducted outside South Korea.\nOn November 3, ruling Democratic Party lawmakers recommended delaying the tax until 2029, citing similar concerns about overseas reporting and unfinished digital asset legislation.\nThe government’s new position supports that proposal, but parliamentary approval remains necessary to change the current statutory start date.\nSeparately, the Finance Ministry said it would cooperate with the Financial Services Commission to accelerate legislation governing digital assets, including measures designed to protect investors and establish clearer rules for cryptocurrency businesses.\n\n\n\n\n\n                Read more:\n            \n\n                XRP Ledger fixes bug that could allow unauthorized token minting","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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