South Korea Announces Delay in Crypto Taxation Policy

South Korea announced a delay in the introduction of its cryptocurrency capital gains tax until 2029, extending the tax-free period by two years as authorities plan on strengthening regulatory oversight and connecting data from exchanges with the United States, yna.co.kr reports . Finance Minister Lee Hyoung-il announced the proposal Thursday, acknowledging that the government would be postponing the controversial tax for a fourth time already. Originally, the policy was scheduled to become active in January 2022: it would impose a 22% tax, local income tax on all cryptocurrency-related gains that exceed 2.5 million won. While the proposed delay could provide a relief for the South Korean cryptocurrency market and even support the domestic trading activity, it remains a substantial risk factor for both local and overseas investors.

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