South Korea moves to delay crypto tax until 2028 amid market concerns
South Korean lawmakers have proposed a bill to delay the implementation of cryptocurrency gain tax until 2028, citing negative sentiments around the crypto industry. The original plan was to implement the tax on January 1, 2025. The proposal aligns with President Yoon Suk-yeol’s campaign promises to extend the crypto gains tax. His administration aims to establish a clear regulatory framework before implementing the tax. However, the Ministry of Economy and Finance has not yet decided on the delay and plans to announce new tax policy amendments by the end of the month. South Korea has one of the fastest-growing adoptions of cryptocurrency globally, with its national currency, Won, leading in global crypto trades with a cumulative trade volume of $456 billion on centralized exchanges in Q1 2021. The country has also implemented several rules to enhance consumer protection standards for crypto users.
