South Korea Plans to Delay Crypto Gains Tax to 2029, Study Loss Carryforward

Cointime update: South Korea’s finance minister Lee Hyoung-il said on Nov. 5 that the government plans to postpone its crypto gains tax by two years to 2029 from 2027 and will negotiate with the National Assembly to advance legislation. The government aims to refine domestic and cross-border crypto taxation before starting tax information exchanges with the U.S. in 2029. Under the current plan, gains above 2.5 million won ($1,869) a year are taxed at 22%, and the government will study allowing losses to be carried forward for three years.