South Korea lawmakers push for another crypto tax delay until 2029

South Korea’s ruling Democratic Party lawmakers have agreed to recommend another postponement of the country’s cryptocurrency income tax, with a two-year delay until 2029 emerging as the preferred option. Summary South Korea’s ruling Democratic Party lawmakers have recommended postponing cryptocurrency income taxation to 2029. Lawmakers cited gaps in overseas transaction reporting, unfinished digital asset legislation and concerns over exchange readiness as reasons for seeking additional preparation time. The proposed postponement would be the fourth since South Korea approved its crypto tax framework in 2020, which imposes an effective 22% tax on annual gains exceeding 2.5 million won. Democratic Party leadership is expected to review the recommendation within one to two weeks, while any change to the existing implementation date would require parliamentary approval. According to Seoul Economic Daily, members of the National Assembly’s Finance, Economy and Planning Committee reached the decision on November 3 following a closed-door meeting with government officials, citing concerns over overseas transaction data, pending digital asset legislation and exchange readiness. Democrati...