Odaily Planet Daily report: Today, South Korea’s Minister of Finance, Lee Hyoung-il, announced that the government plans to delay the implementation of the cryptocurrency gains tax by two years, from 2027 to 2029, and will consult with the National Assembly to advance related legislation. The government stated that South Korea intends to begin exchanging virtual asset tax information with the United States in 2029 and aims to refine its taxation mechanisms for both domestic and international transactions before then. Under the current proposal, gains from individual cryptocurrency transactions exceeding 2.5 million KRW (approximately $1,869) annually are subject to a 22% tax rate. The government also plans to study allowing investors to carry forward losses for up to three years to offset future gains, and will submit corresponding amendments to the National Assembly during its regular session in 2027.
South Korea Plans to Delay Crypto Gains Tax Until 2029 and Study Loss Carryforwards
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Summary
South Korea plans to delay its cryptocurrency gains tax until 2029, with Finance Minister Lee Hyoung-il confirming the postponement. The 22% tax on annual gains exceeding 2.5 million KRW will be included in new legislation before the National Assembly. The government is also exploring the possibility of allowing loss carryforwards of up to three years, with amendments expected by 2027. Traders are monitoring how this development may impact altcoins and overall crypto market stability.
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