South Korean government plans to convene five major crypto exchanges on October 20 to hear opinions on the 22% crypto tax to be levied in 2027

Odaily reports: The South Korean government plans to convene representatives from the five major virtual asset exchanges—Upbit, Bithumb, Coinone, DigitalX, and Gopax—along with executives from the Digital Asset Exchange Alliance (DAXA) on October 20 to hold a forum on the virtual asset taxation policy originally scheduled to take effect in January 2027, in order to gather industry feedback.

Under the current plan, South Korea will levy a 22% tax rate on income from virtual asset transfers and lending after deducting a basic exemption of 2.5 million Korean won. The tax policy has been postponed three times since it was proposed in 2020, and the government is currently still advancing preparatory work according to the original timetable. The National Tax Service of South Korea is expected to issue relevant announcements in November.

In addition, South Korean financial regulators are accelerating the government draft of the "Digital Asset Basic Act," which is expected to be completed by the end of this month, with the relevant consultation process to be launched. (Yonhap)