South Korea Delays Crypto Tax Implementation Until 2027

According to PANews, the South Korean National Assembly has reached a consensus to postpone the implementation of the cryptocurrency tax until 2027. This marks the third delay since the tax was initially proposed in 2020. The main opposition party, the Democratic Party (DP), announced its intention to vote in favor of the government's delay plan during the National Assembly's plenary session on December 2. Previously, the DP attempted to advance an alternative bill that proposed implementing the crypto tax as originally scheduled in 2025, but with an increased annual tax threshold of 50 million Korean won (approximately $36,000) to align with the standards for stock trading taxes. However, this proposal did not receive support from the ruling People Power Party (PPP). DP leader Park Chan-dae stated that the decision to delay was made after thorough discussions, emphasizing the need for more institutional preparation to ensure the tax system's effectiveness.