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South Korea to meet crypto exchanges amid calls for tax delay
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- DeepHorus
South Korea’s senior finance officials will meet major cryptocurrency exchanges on Tuesday as pressure grows to postpone a planned crypto tax before January. The consultation, reported by Yonhap, will include Upbit, Bithumb, Coinone, DigitalX and Gopax, plus the Digital Asset Exchange Alliance. Government attendees include Kwon Dae-young, first vice minister of finance and economy, and Yoo Young-jun, director general for digital financial policy at the Financial Services Commission.
Regulators have already delayed the crypto tax three times. The latest delay pushed the start date to 2027 amid political disagreement and industry pushback over exchange readiness and the threshold level. Officials are now weighing whether another postponement is needed.
An exchange official told Yonhap on Sunday that unresolved transaction rules and limited time to prepare infrastructure supported postponing the tax. “Standards for different transaction types have not yet been finalized, and time is running short for practical preparations on the infrastructure side,” the official said. “There is a shared view in favor of postponing the start of taxation.”
On Friday, Democratic Party of Korea lawmaker Park Min-gyu introduced a bill seeking to postpone the tax until Jan. 1 of the second year after South Korea begins sharing data under the OECD’s Crypto-Asset Reporting Framework. With the first exchange expected in 2027, taxation would begin in 2029. The proposal would tie taxation to international data-sharing readiness.
The meeting highlights tensions between fiscal plans and crypto market infrastructure. Exchanges argue that unclear rules could create compliance burdens for users and operators. Regulators face pressure to protect revenue while avoiding a chaotic rollout.
If the bill advances or officials agree to delay, taxation could be pushed beyond 2027, possibly to 2029. The Tuesday consultation may signal whether the government will adjust its timeline again. A final decision will likely depend on legislative action and exchange readiness.
