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BTC South Korean cryptocurrency investors push tax extension petitions to cross legislative thresholds, and the government reiterates that taxes will be levied as scheduled in 2027
South Korean cryptocurrency investors have successfully pushed a proposal to postpone the collection of cryptocurrency taxes through the National Parliament petition system. The proposal has been pushed past key legislative thresholds, forcing the issue into formal review. At the same time, the South Korean government has reconfirmed that the 22% tax rate on cryptocurrency gains will take effect as planned on January 1, 2027.
According to the proposed plan, after deducting a basic tax exemption of 2.5 million won (approximately US$1,856), annual cryptocurrency earnings will be subject to a 20% basic tax rate and a 2% local surcharge. The tax covers income generated from the sale, transfer and loan of digital assets.
Three extensions failed and encountered new resistance
Since it was first proposed in 2022, the tax proposal has been postponed three times, each time blocked by investors and industry participants pointing to flaws in the tax infrastructure and concerns about market readiness. This time, the same argument was raised again through the petition mechanism of the South Korean National Assembly.
According to the petition system, any petition that collects 50,000 valid signatures within 30 days will be automatically transferred to the relevant permanent committee for legislative review. Petitions calling for a two-year delay in taxation have recently reached that threshold. An anonymous petitioner pointed out that most investors are currently at a loss, with operating profits of major South Korean cryptocurrency companies falling by as much as 90%, and the entire industry is at risk of deficit. In addition, petitioners warned that the tax could force investors to move to offshore platforms and that due to high market volatility, the government may actually receive little tax revenue.
Previously, another petition filed in May advocated the complete abolition of the tax. The petition reached 50,000 signatures in just eight days and was handed over to the committee, but failed to move forward further.
The government sends a signal: There will be no extension
According to Yonhap News Agency, Lee Hyung-il, the nominee for the Minister of Economy and Finance, said over the weekend that cryptocurrency taxation is advancing as originally planned. He added that the IRS will release detailed tax standards before the end of the year.
The government's position suggests that even if the petition has entered the legislative review process, it is unlikely to change the current timetable. Regulators did not disclose any openness to the fourth extension, and comments from the Ministry of Finance nominees pointed to active preparations for implementation rather than further review.
