South Korea to postpone crypto income tax to 2029, seeks National Assembly approval

South Korea’s government announced it will seek to postpone the implementation of its cryptocurrency income tax until 2029, marking the fourth delay since the tax was first legislated in 2020. The decision was revealed on November 5, a day after the ruling Democratic Party submitted a proposal calling for a deferral. Officials stated the plan must still be approved through an amendment to the Income Tax Act by the National Assembly. The Ministry of Economy and Finance indicated in a statement that the two-year extension is intended to allow time for comprehensive preparation of the tax system.