South Korea finance ministry meets crypto exchanges as ruling-party bill seeks to delay 22% tax to 2029
The ministry met with five domestic crypto exchanges on Oct. 20, 2026, while a ruling-party bill would postpone the 22% crypto gains tax to 2029.
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South Korea’s Ministry of Economy and Finance met the country’s five won-based crypto exchanges in a closed-door session in Seoul on October 20, 2026, as a ruling-party bill seeks to postpone a 22% tax on crypto gains to 2029.
First Vice Minister Kwon Dae-young chaired the meeting, which included the Financial Services Commission, the exchange industry body DAXA and external experts, according to Blockhead.
The exchanges represented were Dunamu (operator of Upbit), Bithumb, Coinone, Korbit and Gopax.
A ministry official said the meeting would assess whether the National Tax Service and the exchanges are prepared, and noted that the ministry had no predetermined position.
Democratic Party lawmaker Park Min-gyu introduced bill 2221923 on October 16, 2026, with 13 co-sponsors. The bill would trigger the tax on the second year after Korea first exchanges crypto transaction data under the OECD’s Crypto-Asset Reporting Framework (CARF). If the first exchange occurs in 2027, the tax would begin in 2029.
The sponsors argue that authorities cannot view trades on overseas platforms until CARF is operational, which they say disadvantages users of domestic exchanges.
People Power Party lawmakers have proposed either scrapping the tax or delaying it by two to three years.
The government’s formal stance is that the tax starts as scheduled. Finance Minister Lee Hyoung-il told a parliamentary audit on October 6 that he would gather views from experts and industry.
The National Tax Service told lawmakers on October 13 that it is preparing detailed guidance, expected around November.
DAXA formally asked for a postponement on September 10 on behalf of 27 domestic crypto service providers. Exchanges also cite unresolved treatment of staking, airdrops and DeFi income.
Gains from transferring or lending crypto would be taxed as other income at 22% (20% national plus 2% local) on annual gains above 2.5 million won, with first filings due in May 2028.
The tax was legislated in 2020 for a 2022 start and has been postponed three times, most recently in December 2024 from January 2025 to January 2027. Any new delay requires the National Assembly to amend the Income Tax Act before January 1.