A petition to delay by another two years the tax on cryptocurrency gains in South Korea surpassed on Monday (14) the 50,000 signatures required for consideration by Parliament, increasing pressure against the tax taking effect in January 2027.
Under current law, annual gains on digital assets above 2.5 million won will be taxed at 20%. With the local income tax, the effective rate reaches 22%.
The petition asks that the start of the levy be moved to 2029. The support achieved does not automatically change the law, but brings the matter to parliamentary review.
Pressure also comes from opposition lawmakers. Kim Sang-hoon, of the People Power Party, introduced a bill to delay the tax to 2029, while another proposal, by lawmaker Jung Sung-kook, provides for moving the levy to 2030.
Government maintains levy for 2027
So far, the government maintains the current schedule. Lee Hyoung-il, nominated to head the Ministry of Economy and Finance, said the tax should begin in January 2027 and that detailed rules for its application should be released later this year.
South Korea has already delayed the tax other times. The most recent change, approved at the end of 2024, moved the levy from 2025 to 2027. Now, the new petition and the bills presented in Parliament put the schedule back under discussion.
