South Korea plans two-year delay of crypto gains tax to 2029
South Korea wants to push back its tax on crypto income by two years, to 2029. It would also let investors carry losses forward for up to three years.
South Korea plans to delay taxation of cryptocurrency income by two more years, to 2029, the government said on Thursday. The move answers calls for more time to prepare.
The government also proposed letting investors carry losses forward for up to three years. That means a loss in one year could be used to offset gains in later years.
Lee Hyeong-il, the Finance and Economy Minister, said the government will cooperate with the National Assembly on delaying the tax. As it stands, the tax begins in January.
If approved, this would be the fourth delay since the tax was legislated.
What comes next
The government will work with the National Assembly to win approval for the delay.
People in this story
- Lee Hyeong-il, Finance and Economy Minister
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