South Korea confirms Jan. 2027 launch for long delayed crypto tax

South Korea has finalized its 2026 tax reform package while keeping the planned 22% tax on cryptocurrency investment gains set to begin on Jan. 1, 2027. Summary South Korea has finalized its 2026 tax reform plan without delaying the 22% crypto tax scheduled for Jan. 1, 2027. Annual crypto gains above 2.5 million won will be taxed at a combined 22%, with the first tax filings due in May 2028. Authorities said OECD crypto reporting rules will give South Korea access to overseas transaction data from 48 participating jurisdictions. Parliament can still amend or delay the measure as opposition lawmakers continue pushing to repeal the crypto tax. Financial regulators are also advancing a Digital Asset Basic Act to establish rules for stablecoins, exchanges and other digital asset businesses. South Korea’s Ministry of Economy and Finance confirmed on Aug. 3 that it had finalized the 2026 tax reform proposal without including another postponement for virtual asset taxation, clearing the way for the long-delayed measure to proceed next year if lawmakers approve the package in the National Assembly. Under the current Income Tax Act, profits from transferring or lending virtual assets will b...