South Korean Investors Push for Two-Year Crypto Tax Delay
South Korean investors have gathered over 50,000 signatures for a petition to delay the country's planned crypto tax from January 1, 2027, to 2029. The proposed two-year delay aims to address ongoing concerns about inadequate tax infrastructure and transaction tracking in the domestic market.
The National Assembly review of the petition does not automatically change the existing tax law or suspend implementation. Lawmakers must approve another amendment before the proposed delay can take effect.
The crypto tax framework, set to launch in 2027, would impose a combined rate of 22% on qualifying digital asset gains, consisting of a 20% national tax and a 2% local income tax. The regime would apply after an annual basic deduction of 2.5 million won, or roughly $1,850.
A separate petition seeking to abolish the crypto tax entirely also surpassed 50,000 signatures in May but has not resulted in legislation changing the scheduled tax framework.