South Korea
ABMedia
South Korea's Ruling Party Leader Demands Crypto Tax Be Finalized This Year, as Digital Asset Basic Act Enters Final Negotiations
- Kim Min-seok said he proposed to Deputy Prime Minister and Finance Minister Lee Hyoung-il on October 21 to do a "final review" of the crypto tax and reach a conclusion, after Lee had told the Assembly in September that the January 2027 start date would proceed as scheduled.
- FSC Chairman Lee Eog-weon said the Digital Asset Basic Act is in final negotiations and will be brought to discussion soon; Yonhap reported the FSC is finalizing a government bill, with sticking points including capping exchange major shareholders' stakes at 15-20% and opening won-stablecoin issuance starting with bank-majority consortiums.
- Under current rules, annual crypto transfer and lending income above a 2.5 million won deduction is taxed at a combined 22% (income tax plus local tax); the National Tax Service said a notice on taxation standards is expected in November, even as four Assembly bills seek repeal or delay, citing the OECD's CARF information-exchange framework not starting until next year (and the US not until 2029).