South Korea will meet with exchanges amid requests to postpone the crypto tax
It is reported that as there are growing calls for a postponement of the cryptocurrency tax, which was originally scheduled to be implemented in January next year, senior South Korean financial officials will meet with cryptocurrency exchanges on Tuesday.
According to Yonhap News, the South Korean government plans to hold a consultation on crypto taxes, with representatives from Upbit, Bithumb, Coinone, DigitalX, and Gopax, as well as senior executives from the Digital Asset Exchange Alliance DAXA participating.
The government officials in attendance included Kwon Dae-yong, the First Vice Minister of the Ministry of Strategy and Finance of South Korea, as well as Ryu Young-jun, the Director of the Digital Finance Policy Bureau of the Financial Services Commission.
South Korean regulatory authorities have previously postponed the implementation of the crypto tax three times. The most recent extension pushed back the levy to 2027 due to political disagreements and opposition from the industry regarding the readiness of exchanges and the threshold for imposing the tax.
An exchange official told Yonhap on Sunday that unresolved trading rules and limited time for infrastructure preparation were both reasons supporting the postponement of the tax levy.
An official from this exchange told Yonhap News Agency: "The standards for different types of transactions have not yet been finally determined, and there is very little time left for actual preparations at the infrastructure level. There is a general tendency among all parties to postpone the start of taxation."
Last Friday, Park Min-kyu, a member of the Democratic Party of Korea, proposed a bill seeking to postpone the implementation of this tax until January 1 of the following year after South Korea begins sharing data in accordance with the OECD's Crypto Assets Reporting Framework ( CARF ). Since the first data exchange is expected to take place in 2027, taxation will begin in 2029.
