South Korean Lawmaker Seeks Two-Year Delay for Cryptocurrency Tax

A South Korean lawmaker is calling for another two-year delay to the country's cryptocurrency tax, set to take effect on January 1, 2027. Han Dong-hoon argues that authorities still lack sufficient overseas trading data to enforce the levy consistently.

Under current rules, qualifying income from transferring or lending virtual assets will become taxable, with annual gains above a 2.5 million won basic deduction facing a 20% national tax and a 2% local income tax.

Han focused on the issue of identifying taxable activity after cryptocurrency leaves South Korean trading platforms, saying it becomes 'close to impossible' once assets are transferred overseas.