South Korean Lawmaker Seeks Two-Year Delay in Cryptocurrency Tax
South Korean lawmaker Han Dong-hoon is calling for another delay to the country's cryptocurrency tax, scheduled to take effect on January 1, 2027. The 22% tax was initially postponed several times, with lawmakers debating reporting infrastructure and administrative readiness.
Han argued that authorities still lack enough overseas trading data to enforce the levy consistently, citing difficulties in tracking activity after cryptocurrencies leave domestic exchanges or move into private wallets.
Investors are allowed to transfer assets held on domestic exchanges to accounts under their own names on overseas platforms or move them into private wallets. Once the assets leave those platforms, Han said it becomes 'close to impossible' for authorities to follow every subsequent transfer.