South Korea seeks 2-year delay in crypto income tax to 2029

South Korea’s Ministry of Economy and Finance will work with the National Assembly to delay the taxation on virtual asset income by two years, moving the start date from 2027 to 2029. The government aims to enhance the tax system by securing and linking overseas tax information and introducing a loss carryforward deduction. Additionally, it plans to accelerate legislation on digital assets to support the digital asset ecosystem and establish a public-private working group to discuss expanding tax infrastructure and other key initiatives. The ministry emphasized the need for more preparation time due to planned virtual asset information sharing with the U.S. starting in 2029 and anticipated regulatory changes related to digital asset legislation. A press release regarding the delay has been distributed, with a briefing to follow.

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