South Korea's Blue House Leans Toward Fourth Delay of 22% Crypto Income Tax
Bollcoin, October 26: According to reports from Korea Economic Daily and Kyunghyang Shinmun, South Korea's Blue House is leaning toward once again postponing the virtual asset income tax originally set to take effect on January 1, 2027; if it goes ahead, it would be the fourth delay of the tax. A Blue House official said cryptocurrency taxation will move in the direction of postponement in party-government consultations, but the Blue House said in a written response that the matter is still under review and no decision has been made. Ruling Democratic Party lawmaker Park Min-kyu has already introduced an amendment to push taxation back to 2029, and the opposition People Power Party also supports a delay. The main consideration is the difficulty of obtaining trading data from overseas exchanges, with the United States planning to join the OECD Crypto-Asset Reporting Framework (CARF) in 2029. The current plan would tax income from the transfer and lending of virtual assets at a 22% rate after a basic deduction of 2.5 million won.