Finance Ministry schedules cryptocurrency exchange meeting as tax postponement pressure mounts
South Korean financial authorities will convene with leading digital asset platforms on Tuesday, following the recent submission of a legislative proposal to defer the taxation timeline by an additional two years.
High-ranking financial officials from South Korea are expected to convene with cryptocurrency exchange platforms on Tuesday, as mounting pressure to delay the country's forthcoming digital asset taxation system intensifies before its January implementation deadline.
Based on reports from Yonhap, authorities are organizing a consultation meeting focused on cryptocurrency taxation matters, featuring delegates from major platforms including Upbit, Bithumb, Coinone, DigitalX and Gopax, alongside leadership from the Digital Asset Exchange Alliance, commonly referred to as DAXA.
The government delegation will feature 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.
Regulatory authorities in South Korea have postponed the implementation of cryptocurrency taxation on three separate occasions, with the most recent deferral extending the commencement date to 2027 following political discord and resistance from the industry concerning exchange preparedness and threshold specifications.
A representative from one of the exchanges informed Yonhap on Sunday that outstanding questions regarding transaction standards and insufficient preparation time for necessary infrastructure justified pushing back the tax implementation.
Standards for different transaction types have not yet been finalized, and time is running short for practical preparations on the infrastructure side. There is a shared view in favor of postponing the start of taxation.
Exchange official, speaking to Yonhap
Last Friday, Park Min-gyu, a lawmaker representing the Democratic Party of Korea, submitted legislation aimed at delaying the tax until Jan. 1 of the second year after South Korea begins sharing data under OECD's Crypto-Asset Reporting Framework (CARF). With the first exchange expected in 2027, taxation would begin in 2029.