South Korea Sees Renewed Calls to Delay Crypto Tax, Related Bill Proposes Implementation in 2029

Odaily: Senior officials from South Korea's finance ministry plan to hold consultations with major cryptocurrency exchanges on Tuesday, with participants including representatives from Upbit, Bithumb, Coinone, DigitalX, Gopax, and the Digital Asset Exchange Alliance (DAXA). Yoo Young-jun, Director General of the Digital Finance Policy Bureau at South Korea's Financial Services Commission, will attend the meeting.

South Korea has postponed the crypto tax three times, most recently pushing the implementation date to 2027. Exchanges say that applicable rules for different transaction types have not yet been determined and that infrastructure preparation time is limited, with the industry broadly supporting a further delay of the tax.

South Korean Democratic Party lawmaker Park Min-gyu recently proposed a bill that would set the tax start date as January 1 of the second year after South Korea begins sharing data under the OECD Crypto-Asset Reporting Framework (CARF). If the first data exchange takes place in 2027, the tax would begin in 2029. (Cointelegraph)