Impact of South Korea delaying cryptocurrency capital gains tax

The South Korean government plans to postpone the collection of cryptocurrency capital gains tax again, this time possibly to 2027. This decision has been agreed by the ruling National Power Party and the main opposition Democratic Party, and the relevant bills will be voted on by the National Assembly. The tax system originally scheduled to be launched in 2022 has been postponed twice due to strong opposition from investors and the industry. The current tax rate is 20% (a total of 22% including local taxes).

The Democratic Party of Korea had proposed raising the tax-free threshold from 2.5 million won (approximately $1,795) to 50 million won (approximately $35,919) to reduce the tax burden on some investors. The chairman of the policy committee said the reason for delaying the tax measure was that the regulatory framework needed to be further improved.

South Korea is the most active market for retail cryptocurrency trading in the world, with a large number of young investors. Upbit, which mainly serves local users, is South Korea's largest cryptocurrency exchange. The exchange's spot trading volume in the past 24 hours exceeded US$11 billion, ranking fifth in the world.

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