South Korean Investors Seek Crypto Tax Delay Amid Gains Calculation Concerns
South Korean investors have successfully gathered 50,000 signatures to petition for another delay in implementing cryptocurrency taxes. The petition seeks to push back the implementation date by two years from January 2027 to 2029.
The current tax plan aims to tax qualifying crypto gains at a 22% rate nationwide, with annual digital asset gains above 2.5 million won falling within the planned tax regime. However, investors argue that South Korea lacks adequate systems for calculating gains across domestic exchanges, overseas platforms, and private wallets.
Lee Hyoung-il, nominee for deputy prime minister and minister of economy and finance, stated that the National Tax Service plans to issue specific tax standards before the end of 2026. The agency aims to prevent taxpayers from facing difficulties when filing and has acknowledged challenges in directly identifying unreported private-wallet transactions.