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South Korea weighs fourth delay to crypto gains tax, pushing start to 2029

Officials are leaning towards postponing the levy, due in January, because the US will not share crypto trading data until 2029. Parliament must approve any change, with a decision expected by early December.

Why it matters: The delay would keep South Korean crypto gains untaxed for another three years, with officials blaming the gap in US trading data under the OECD's sharing timetable.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: South Korea weighs fourth delay to crypto gains tax, pushing start to 2029
Image: CoinDesk
Original reporting: Francisco Rodrigues, CoinDesk

Key points

  • Under the OECD's CARF timetable, South Korea, Japan and the UK exchange data from 2027, Singapore, Switzerland and Hong Kong from 2028 and the US from 2029.
  • Ruling party lawmaker Park Min-kyu has proposed a start date of 1 Jan 2029, and the levy was first scheduled for 2022.

South Korea is leaning towards a fourth delay to its crypto gains tax, which would push the start to 2029, Newsis reported. The presidential office is said to favour postponing the levy amid concern that the burden would fall on users of domestic exchanges because authorities cannot easily track activity on US platforms.

An official told the outlet that almost half the crypto market is American, calling the absence of US tax data the biggest obstacle.

The concern stems from the OECD's Crypto-Asset Reporting Framework, under which countries begin sharing trading data at different times. South Korea, Japan and the UK are due to start in 2027, Singapore, Switzerland and Hong Kong in 2028, and the US in 2029. The US, UK and Japan already tax crypto without waiting for cross-border data.

Read the full story on CoinDesk

Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

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