South Korea finance officials to meet crypto exchanges over tax delay calls
Senior finance officials are reportedly due to consult Upbit, Bithumb and other exchanges on Tuesday, days after a lawmaker filed a bill that could push the crypto tax start back to 2029.
Why it matters: South Korea has delayed its crypto tax three times, and the outcome of the consultation and the new bill will shape when trading gains are first taxed.
Key points
- Yonhap reports the consultation will include Upbit, Bithumb, Coinone, DigitalX, Gopax and the Digital Asset Exchange Alliance (DAXA).
- Democratic Party lawmaker Park Min-gyu filed a bill on Friday to delay the tax until 1 January of the second year after South Korea starts sharing data under the OECD's CARF, which would mean 2029.
The government is planning a consultation on crypto taxation as pressure builds ahead of the scheduled January start.
An exchange official told Yonhap on Sunday that rules for different transaction types are still unsettled and that time is short to prepare infrastructure, adding that there is a shared view in favour of postponing the start.
What to watch: A consultation between finance officials and exchanges is reportedly due on Tuesday, while Park Min-gyu's bill awaits consideration.
Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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