Politics · South Korea · 2 hrs ago
South Korea lawmakers urge delay to planned crypto tax
South Korea’s ruling party finance lawmakers want to delay a cryptocurrency tax that is due to start next year.
They agreed on Nov.
3 to recommend postponement to the party’s leadership, rather than decide the matter themselves.
Lawmaker Oh Ki-hyung said officials should prepare further before putting the tax into effect.
One concern is that international exchanges of tax information are expected to become more active around 2029.
Lawmakers also pointed to a digital asset law that may be introduced as soon as the first half of next year, which could change the tax system.
They say more preparation could make crypto taxation more effective, including checks on systems for using transaction records.
The party leadership has yet to decide whether to delay the tax.
South Korea’s Democratic Party lawmakers on the National Assembly’s Finance and Economy Committee plan to urge party leaders to delay the crypto tax scheduled to take effect next year.
The lawmakers said more preparation is needed in light of changes in policy and the wider environment.
They cited the expected start of international tax-information exchanges around 2029 as one factor in making taxation effective.
They also pointed to a possible digital-asset law next year and the need to check systems for using transaction records.
A two-year delay was mentioned, but no final decision was reported.
- Who
- Democratic Party lawmakers on the National Assembly’s Finance and Economy Committee.
- What
- They agreed to recommend delaying the planned crypto tax to party leaders. A two-year delay was mentioned.
- When
- November 3, 2026.
- Where
- At the National Assembly in Seoul.
- Why
- They said more preparation was needed, citing international tax-information exchanges, possible changes under a digital-asset law and checks of systems for using transaction data.
This story does not have two clearly opposing sides.
Democratic Party lawmakers on the Finance and Economy Committee met with government officials to discuss policy and budget issues.
After the meeting, committee members agreed to recommend that party leaders delay the crypto tax scheduled for next year.
- Planned start
- 2027
- International tax-information exchanges
- Expected to become fully operational around 2029
- Possible delay
- Two years was mentioned
- Potential legislation
- Digital Asset Basic Act, possibly introduced in the first half of 2027
- Committee secretary
- Oh Ki-hyung
4 sources
What people are saying
Rather than imposing the tax immediately next year, it is necessary to consider changes in the policy environment, check what more preparation is needed, and then implement it.
The committee members agreed to submit their view to the party leadership.