South Korea's ruling-party lawmaker seeks to push virtual asset income tax start to 2030
AI Market Summary
A South Korean lawmaker plans to propose delaying the start of virtual asset income taxation to 2030 from 2027. Pushing back a 22% tax on annual gains above 2.5 million KRW reduces near-term regulatory and compliance overhang and may support local market participation and liquidity. The proposal also signals continued policy uncertainty, as timing depends on legislative approval.
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Aug. 10 (PANews) — Jeong Seongguk, a lawmaker from South Korea's People Power Party, is preparing legislation to postpone the start date for taxing income from virtual assets to Jan. 1, 2030, from the currently scheduled Jan. 1, 2027, MBN reported. Jeong said the delay would create room for a broad review of the regulatory framework, including crypto taxation, and help put safeguards in place to improve taxpayer certainty and reduce the risk of disruption.
Under existing rules, income from transferring or lending virtual assets will be treated as "other income" and become subject to income tax starting Jan. 1 next year. Annual gains above 2.5 million won will be taxed at 22%, made up of a 20% other income tax and a 2% local income tax.
