South Korea’s Ruling Party to Recommend About a Two-Year Virtual Asset Tax Delay

Lawmakers from South Korea’s ruling Democratic Party on the National Assembly’s Finance and Economy Committee have decided to recommend delaying the virtual asset tax scheduled for 2027 by about two years, reflecting a majority view that more preparation is needed.

Most party members favor about two more years of policy preparation. Party leaders are expected to develop a specific proposal and send it to the party’s policy committee for discussion. The party has previously sought internal views on delaying the levy.

Separately, overseas tax-information exchange is expected to enter a substantive phase around 2029. South Korea’s Digital Asset Basic Act may take effect in the first half of 2027 and may change the tax system.