South Korea Plans to Delay Crypto Gains Tax by Two Years to 2029 and Study Loss Carryforward

Odaily reports: South Korean Finance Minister Lee Hyoung-il said today that the government plans to delay the cryptocurrency gains tax, originally scheduled to take effect in 2027, by two years to 2029, and will negotiate with the National Assembly to advance the relevant legislation. The government said South Korea plans to begin exchanging virtual asset tax information with the United States in 2029, and intends to improve the taxation mechanism for domestic and foreign transactions before then. The current proposal stipulates that individuals' annual cryptocurrency gains exceeding 2.5 million Korean won (approximately $1,869) are subject to a 22% tax rate. The government also plans to study allowing investors to carry forward losses over three years to offset future gains, and to submit the relevant amendment to the National Assembly during the regular session in 2027.