South Korea Weighs Delaying Virtual-Asset Income Tax Until 2029

South Korea’s presidential office is leaning toward delaying its virtual-asset income tax until 2029, tying the potential shift to when the United States joins cross-border crypto tax-data exchanges. The Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) sets staggered dates for data exchanges. South Korea, Japan and the United Kingdom are scheduled to begin in 2027; Singapore, Switzerland and Hong Kong in 2028; and the United States in 2029. The tax is currently scheduled to start Jan. 1, 2027. A ruling-party lawmaker has proposed moving the date to Jan. 1, 2029. Another postponement would be the fourth since the tax was originally scheduled to begin in 2022.

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