South Korea’s People Power Party Seeks to Push Back Crypto Tax to 2030
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South Korea's ruling People Power Party proposed delaying the virtual asset income tax start date from Jan 1, 2027 to Jan 1, 2030, citing incomplete investor-protection and tax frameworks. A delay would reduce near-term regulatory and compliance overhang for crypto participants and could support risk appetite locally. However, government support for taxation implies legislative uncertainty, limiting immediate market impact.
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South Korea's People Power Party lawmaker Jeong Sungguk has submitted an amendment to the Income Tax Act that would delay the start of taxation on virtual asset income to January 1, 2030, from the currently scheduled January 1, 2027, according to MBN.
Under existing rules, income earned from the transfer or lending of virtual assets is treated as "other income." Annual gains above 2.5 million KRW would be taxed at 22%, including local income tax.
Jeong said taxation should be introduced only after investor-protection measures and a fair taxation framework are fully in place, arguing for a longer preparation period to limit potential market disruption.
Other party lawmakers, including Song Yeonseok, have also moved to eliminate the virtual asset income tax provisions altogether. The proposed revisions have been filed with the National Assembly's Committee on Finance and Economy for review. The government is expected to press the case for taxation, leaving the bill facing substantial obstacles.
