South Korea to delay crypto tax by 2 years to 2029

South Korea's ruling and opposition parties have tentatively agreed to postpone taxation on virtual asset income by two years to 2029. Oh Gi-hyoung, a Democratic Party lawmaker, stated that lawmakers discussed four agenda items related to digital assets during a subcommittee meeting on Nov. 11. While no final conclusion was reached, there was a tentative consensus on the delay, with ongoing discussions about procedural provisions. Bae Jun-young, a People Power Party lawmaker, confirmed that the government proposed the two-year delay, indicating no major differences between the parties. The discussions will continue on detailed issues such as loss carryforward deductions, raising the basic deduction, and requiring virtual asset service providers to submit tax data earlier.

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