Industry participants sought more time to prepare tax reporting systems at an Oct. 20 meeting with South Korean officials, but no change to the January 2027 start was announced.
On Oct. 20, South Korea’s Ministry of Finance and Economy met with Dunamu, Bithumb, DigitalX, Coinone and Streami. Financial Services Commission officials joined the discussion. Industry participants requested more specific tax standards and additional time to develop and test systems for submitting tax data.
Under the framework, a 2.5 million won annual deduction would precede a combined 22% tax on qualifying income from cryptocurrency transfers and lending. The measure was adopted in 2020, with its start initially planned for 2022. Implementation was subsequently deferred to 2023, 2025 and 2027.
A ruling-party proposal to defer the tax until 2029 has not altered the scheduled start. No further postponement was announced after the meeting.
The National Tax Service is preparing detailed implementation rules. No date has been confirmed for their release ahead of the planned January 2027 start.
