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FollowingThe South Korean government plans to tax cryptocurrency gains starting from January 1, 2027
The South Korean government plans to implement a long-term deferred tax policy on cryptocurrency gains starting from January 1, 2027. According to the plan, a comprehensive tax rate of 22% will be applied to the annual cryptocurrency income exceeding 2.5 million won (approximately US$1740). Officials said the measure will not be postponed for the fourth time and will be implemented as scheduled.
Tax Details and Legal Process
According to the new regulations, gains derived from the transfer or loan of cryptocurrencies will be taxed separately in the "other income" category. Investors can enjoy a tax exemption of 2.5 million won per year, and the excess will be taxed at a rate of 22%, which includes 20% national income tax and additional local taxes. According to the framework announced by the Korea National Taxation Agency, losses cannot be carried forward to the next year.
Political debate and criticism
The tax plan sparked political controversy in Parliament. Kim Sang Hoon, a lawmaker from the opposition National Power Party, warned that failure to grant loss carry-forward rights could lead domestic investors to switch to overseas exchanges or decentralized platforms. He also believes that "taxation should be postponed until the OECD's cross-border crypto asset reporting framework is fully operational." A bill proposed in March this year to exempt cryptocurrency gains from taxation was submitted to a subcommittee of the relevant committee on July 29. Currently, unless the law is repealed or postponed again, the tax will be implemented from January 1, 2027.
