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South Korea's Democratic Party to weigh further delay to crypto tax

NewsFeeds update

Floor leader Han Byung-do said the ruling party will review tax fairness and enforcement conditions, including whether authorities hold enough overseas exchange data, before deciding on a possible delay to the January start.

RegulationCoinNessAINeutral

Read the original on CoinNess

The story so far: South Korea crypto tax debate

South Korea's ruling Democratic Party is weighing a further delay to the cryptocurrency tax due in January, citing tax fairness and enforcement conditions. At a 27 Oct lawmakers' meeting, the party discussed the delay but made no decision, with one lawmaker urging the Basic Digital Asset Act be enacted first.

  1. South Korean ruling party lawmaker urges delay of crypto tax; government sticks to schedule

    Min Byung-deok, a senior policy committee figure in South Korea's ruling Democratic Party, said the crypto tax should start only after the Digital Asset Basic Act passes, citing difficulty tracking overseas exchange income and the inability to carry over losses. Finance Minister…

    RegulationOdailyAI

  2. South Korean floor leader urges review of crypto tax plan

    People Power Party floor leader Jung Jeom-sik told the National Assembly after meeting Deputy PM Lee Hyoung-il that the virtual asset tax due in January should be delayed or scrapped, citing capital-outflow concerns.

    RegulationCoinNessAI

  3. DAXA vice chairman calls for full review of South Korea's crypto tax regime

    Kim Jae-jin, vice chairman of the Digital Asset eXchange Alliance, called for a full review of the crypto tax system ahead of its planned January implementation, saying the 2020 bill is unchanged despite three delays. He warned individual taxpayers could unknowingly become tax…

    RegulationCoinNessAINeutral

  4. South Korea to broadly gather views on crypto taxation, deputy PM says

    Deputy Prime Minister and Finance Minister Lee Hyoung-il said the government will broadly gather views from the National Assembly, experts and industry on cryptocurrency taxation, Edaily reported. Lee said revenue from the tax is hard to estimate and did not clearly restate…

    RegulationCoinNessAINeutral

  5. South Korea to seek industry and expert views on planned crypto tax before 2027 rollout

    South Korea says it will gather views from industry and experts on its planned crypto tax ahead of its 2027 rollout.

    RegulationCryptoindiaAIBearish

  6. South Korea ruling party backs crypto tax plan starting next year

    South Korea's ruling Democratic Party says virtual assets should be taxed as scheduled next year, Edaily reported. Oh Gi-hyoung, its floor coordinator on the National Assembly Strategy and Finance Committee, said reversing the plan immediately would be inappropriate.

    RegulationCoinNessAIBearish

  7. South Korea's deputy PM says virtual asset tax review will take in wide views

    South Korea's deputy prime minister and finance minister Lee Hyung-il said the government will gather views from parliament, experts, industry and stakeholders on the planned 2027 virtual asset tax. Lawmaker Kim Sang-hoon questioned whether infrastructure for tracking and verifying trades on overseas exchanges, DEXs and DeFi platforms would be ready before the levy starts.

    RegulationOdailyAIBearish

  8. South Korea finance ministry says no formal FSC talks on offshore crypto derivatives tax

    South Korea's Ministry of Economy and Finance says it has exchanged no official documents with the Financial Services Commission on taxing crypto derivatives traded on overseas exchanges since 2022, KBS News reported. Lawmaker Kim Sang-hoon obtained the ministry's materials as a taxation gap emerges before next year's virtual asset tax rollout.

    RegulationCoinNessAINeutral

  9. South Korea's Lim Kwang-hyun says January crypto tax launch faces infrastructure gaps

    South Korea's national tax service chief Lim Kwang-hyun told a parliamentary audit that the country plans to start taxing crypto in January, but tax infrastructure still has gaps. Private wallet transfers and overseas platform trading remain hard to track, even with CARF.

    RegulationPANewsAIBearish

  10. South Korea reviews crypto tax readiness before 1 January 2027 rollout

    South Korea is reviewing its readiness for the crypto tax regime due to take effect on 1 January 2027.

    RegulationBloomingbitAINeutral

  11. South Korea's finance ministry meets five exchanges on virtual asset tax

    South Korea's finance ministry met Dunamu, Bithumb, DigitalX, Coinone and Streami, plus the Financial Services Commission, to discuss the virtual asset tax, including delaying or scrapping it, without a clear decision. The tax, set in 2020, has been pushed back to 2027.

    RegulationOdailyAINeutral

  12. South Korea's November assembly session to test won stablecoin and crypto tax push

    South Korea's November parliamentary session will test the government's regulatory push, covering won-denominated stablecoins and crypto taxes.

    RegulationBloomingbitAINeutral

  13. South Korea finance chief Lee says crypto tax decision to follow wider consultations

    South Korea's Deputy Prime Minister and finance minister Lee Hyoung-il said the government will decide on the planned January virtual asset tax after hearing from industry, experts and lawmakers, speaking at a National Assembly audit in Seoul on 22 Oct. He reaffirmed at the G20 finance ministers meeting on 19 Oct that further consultations would take place.

    RegulationCoinNessAINeutral

  14. Lee Eok-won says crypto tax needs broad review as digital asset bill nears final talks

    South Korea's Financial Services Commission chair Lee Eok-won told a parliamentary audit that the planned virtual asset tax, due from next year, needs full consideration of various factors, saying the digital asset bill is in final consultation. The tax, introduced in 2020, has been delayed three times.

    RegulationOdailyAINeutral

  15. South Korea's Democratic Party to weigh further delay to crypto tax

    Floor leader Han Byung-do said the ruling party will review tax fairness and enforcement conditions, including whether authorities hold enough overseas exchange data, before deciding on a possible delay to the January start.

    RegulationCoinNessAINeutral

  16. South Korea considers education tax on crypto exchanges if classed as financial institutions

    South Korea's government has told crypto exchange chiefs it may impose an education tax on them if they are classed as financial institutions under a proposed digital assets bill. Crypto trading and brokerage are currently treated as telecoms businesses, which are exempt.

    RegulationOdailyAIBearish

  17. South Korea's Democratic Party weighs delaying crypto tax due in January

    South Korea's Democratic Party discussed delaying cryptocurrency taxation due to start in January at a lawmakers' meeting on 27 Oct, floor spokesperson Jeon Eun-su said, adding that no decision was made. Lawmaker Ahn Do-geol argued the Basic Digital Asset Act should be enacted first, and the party aims to conclude soon.

    RegulationCoinNessAINeutral

More Regulation updates

  1. Binance seeks Brazil crypto licence and will delist 22 local assets

    RegulationOdailyAIBearish

  2. Coinbase and Ripple among crypto donors backing US midterms

    RegulationOdailyAINeutral

  3. US midterm elections a week away as crypto braces for possible shift

    RegulationChainCatcherAINeutral

Every Regulation update on NewsFeeds

Every update is a short rewrite, by AI in our own words, of a flash from the outlet named on it, credited and linked. Updates are joined into one story by AI; our editors can change a story’s name or take an update out. Not investment advice.