South Korea's Ruling Party Leader Seeks Views on 2027 Crypto Tax

South Korea’s ruling Democratic Party leader Kim Min-seok is seeking views on cryptocurrency taxation as a levy postponed three times approaches its Jan. 1, 2027, start date.

Kim said Oct. 21 that he would work toward a reasonable solution through discussions with the National Assembly and government. He said those discussions would consider improvements to the framework, young people’s views and practical conditions.

The planned tax covers income from transferring or lending crypto assets. Its national rate is 20%, or 22% including local income tax. The combined rate applies to taxable income after an annual deduction, rather than the full value of a transfer or loan.

Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il said at an Oct. 6 parliamentary audit that the government would hear views from lawmakers, experts and the crypto industry. Five major South Korean exchanges also planned to seek a fourth delay at a government meeting scheduled for Oct. 20.

Under the current timetable, the tax takes effect Jan. 1, 2027.