South Korean Lawmaker Proposes Delaying Cryptocurrency Taxation to 2030

South Korea's National Assembly has received a proposed amendment to delay the taxation of virtual-asset, or cryptocurrency, income by three years to 2030. The bill was introduced by People Power Party lawmaker Kim Jae-seop on September 23.

The proposal aims to push back the start of taxation from January 1, 2027, to January 1, 2030, and would also require virtual-asset operators to provide investors with transaction records needed for taxable income calculations. The amendment does not change the tax rate or deduction amount.

Kim Jae-seop stated that the increasing variety of virtual-asset transactions requires improvements to income-calculation standards and tax-filing support systems, along with a review of consistency with the tax frameworks applied to other investment assets.