South Korea opposition proposes delaying crypto tax to 2030

A lawmaker from South Korea’s opposition People Power Party has proposed a bill to delay the implementation of a 22% tax on cryptocurrency profits from January 1, 2027, to January 1, 2030.

Representative Jeong Seong-guk stated that the three-year extension is intended to allow for a comprehensive review of the virtual asset tax framework, the strengthening of investor protections, and the development of necessary taxation systems to ensure fairness. The proposal seeks to prevent market confusion and provide taxpayers with clear, established rules before collection begins.

Under the current government plan, income from selling or lending virtual assets like Bitcoin and Ether would be classified as ‘other income.’ The 22% tax rate consists of a 20% national income tax and a 2% local tax, applying to annual gains exceeding 2.5 million won.

The proposal faces opposition from the government. Finance Minister Koo Yun-cheol recently reiterated that the Ministry of Economy and Finance intends to proceed with the taxation as scheduled in 2027, following the finalization of the 2026 tax reform package.