The Ministry of Finance of South Korea publicly confirmed for the first time that the 22% tax on cryptocurrency gains will take effect as scheduled in January 2027.
Moon Kyung-ho, director of the ministry’s income tax division, made the announcement during an emergency parliamentary forum on virtual asset taxation held at the National Assembly in Seoul. “We will proceed with the taxation of virtual assets as scheduled in January of next year,” Moon stated, in what represents the first official confirmation following multiple postponements.
Under the current Income Tax Act, gains obtained through the transfer or lending of virtual assets will be classified as “other income” starting January 1, 2027. Investors earning more than 2.5 million South Korean won —approximately $1,800— annually in cryptocurrencies will be subject to a 22% rate, comprising a 20% income tax and a 2% local tax.
The measure would affect approximately 13.26 million Korean investors. The regulator has already postponed implementation twice, pushing the start date from 2025 to the current 2027 horizon, due to political disagreements and industry resistance.
Source: https://www.edaily.co.kr/News/Read?newsId=07160246645446624&mediaCodeNo=257&OutLnkChk=Y
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