South Korea Delays Cryptocurrency Tax Implementation Until 2027

The South Korean government has postponed the introduction of new cryptocurrency taxes until 2027, according to a local Telegram channel.

The tax in question is a 20% levy on profits from cryptocurrency transactions exceeding 2.5 million Korean won. Authorities have been working on the relevant amendment since 2020.

Initially, the new tax was scheduled for implementation in October 2021, but it was postponed to January 2022 due to the unpreparedness of the tax infrastructure.

At the end of 2021, the timeline was further extended by a year to January 1, 2023. In July 2022, under pressure from the opposition, the tax implementation was delayed again to January 1, 2025.

Earlier, on December 3, the South Korean cryptocurrency market plummeted following the president’s declaration of martial law.