Kim said the party reached its position after consultations with the government and crypto businesses, weighing taxation principles, domestic industry conditions and fairness between users, according to MoneyToday’s account of the meeting. He pledged to define the postponement period clearly and prepare overseas transaction information, computer-system testing and taxpayer guidance.
That formal request advances a debate Kim was still presenting as open at an Oct. 28 party-government meeting. In those published remarks, he said the Digital Asset Basic Act had not been enacted and questioned whether tax infrastructure and unequal treatment of domestic and overseas exchange users warranted delaying implementation.
What the Delay Bill Would Change
A bill introduced by lawmaker Park Min-gyu on Oct. 16 would tie taxation to international information sharing rather than simply write 2029 into law. Its text sets the start at Jan. 1 of the second year following the year in which crypto transaction information is first exchanged under the relevant international-tax provisions.
The sponsors argue that insufficient overseas records could concentrate enforcement on domestic exchange users. Their proposal would also move the valuation date used to calculate acquisition costs for existing holdings and shift related exchange transaction-reporting provisions alongside the tax start date.
Under the existing framework, resident investors receive an annual deduction of 2.5 million won, with a 20% national income-tax rate applied to the remainder of their net crypto income. The tax authority says annual gains and losses are combined, with income reported the following May.
The latest enacted postponement came through a December 2024 amendment that pushed implementation back two years. The Defiant previously reported the political agreement behind that delay. Until another amendment passes, the first taxable year remains 2027, with returns due in May 2028 under the tax authority’s reporting schedule.
