Korea seeks another delay to crypto tax until 2029

What happened: South Korea's government proposed delaying cryptocurrency income taxation by two years to 2029, which would be the fourth delay since the tax was legislated in 2020 for a 2022 start. Why it matters: The government said taxing crypto income now could put the domestic market at a disadvantage versus overseas markets, citing the 2029 start of information exchanges with the United States under the OECD-backed Crypto-Asset Reporting Framework. It also cited the need to align rules with the proposed Digital Asset Act. Coverage: 3 outlets in 24h

South Korea's government proposed delaying cryptocurrency income taxation by two years to 2029, which would be the fourth delay since the tax was legislated in 2020 for a 2022 start.

The government said taxing crypto income now could put the domestic market at a disadvantage versus overseas markets, citing the 2029 start of information exchanges with the United States under the OECD-backed Crypto-Asset Reporting Framework. It also cited the need to align rules with the proposed Digital Asset Act.