According to ChainCatcher, South Korean media outlet MK reported that the government’s previously announced annual tax reform plan did not include further delays on taxing virtual assets (cryptocurrencies), meaning the current legal timeline for taxation in 2027 is likely to remain unchanged. Under South Korea’s current Income Tax Act, income from the transfer and lending of virtual assets will be classified as “other income” starting in 2027. Investors will be eligible for an annual tax exemption of 2.5 million KRW, with any amount exceeding this threshold subject to a 20% income tax and an additional 10% local tax, resulting in a combined tax rate of 22%.
South Korea’s crypto tax details remain unclear; overseas exchanges may tax BTC-to-USDT transactions.
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Summary
Today’s BTC news reveals that South Korea’s government has not proposed delaying virtual asset taxation in its latest tax reform plan, maintaining the 2027 timeline. Starting in 2027, income from virtual asset transfers and lending will be classified as “other income,” with a 2.5 million KRW tax-free threshold. Profits exceeding this amount will be subject to a 20% income tax and a 10% local tax, totaling 22%. BTC update: As Korean regulations tighten, overseas exchanges may begin taxing BTC-to-USDT trades.
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