South Korea’s crypto gains tax may be delayed again. Traders still need a cost basis

South Korean officials are discussing another postponement of the crypto income tax scheduled for January 1. The presidential office has signalled support for moving the start to 2029, but the National Assembly has not passed that change. For a trader, the uncertainty reaches beyond the tax rate. The current law contains a special opening cost basis for coins held before the tax begins, and moving the start date would change the date used in that calculation. Summary The law still schedules taxation of qualifying crypto transfers and lending from January 1, 2027, despite the latest proposal for 2029. Annual gains above 2.5 million won would face 20% national income tax plus 2% local income tax under the current framework. For pre-2027 holdings, the opening acquisition value is the higher of actual cost and a market value determined at the tax start. The National Tax Service plans November guidance on activities such as staking, airdrops, forks and decentralized finance. Korea expects international crypto data exchange from 2027, while officials cite the later U.S. timetable in the renewed delay debate. A person who bought Bitcoin years ago may have several exchange statements, wall...