South Korean opponents of the planned crypto tax have secured 50,000 verified signatures on a petition seeking to postpone implementation by another two years. The petition will move to a National Assembly committee for review, but the milestone does not change the current January 1, 2027 commencement date. Finance minister nominee Lee Hyoung-il has said the government intends to proceed as scheduled.
Key Overview
- Petition: 50,000 verified signatures
- Requested delay: Two additional years
- Current implementation date: January 1, 2027
- Proposed new date: January 2029
- Planned tax: 22% crypto tax
- Previous postponements: 2022 → 2023 → 2025 → 2027
- Finance minister nominee: Lee Hyoung-il
- Tax classification: Miscellaneous income
- National Tax Service: Preparing wallet-tracing infrastructure
- International reporting: OECD Crypto-Asset Reporting Framework from 2028
South Korea Crypto Tax Opponents Reach 50,000-Signature Threshold
Opponents of South Korea’s crypto tax have secured 50,000 verified signatures on a petition seeking another two-year postponement of the planned taxation regime.
The milestone sends the petition to a National Assembly committee for review. However, reaching the required signature threshold does not change the existing commencement date, which remains January 1, 2027.
The petition specifically calls for the planned 22% crypto tax to be delayed by another two years, which would push its effective date to January 2029.
Petitioners argue that the current timeline does not provide sufficient time for investors and tax authorities to prepare adequate reporting and collection infrastructure.
Petition Raises Tax Infrastructure Concerns
The petition argues that authorities need stronger systems to track crypto gains across domestic exchanges, overseas platforms, and private wallets.
Its anonymous author also raises concerns about acquisition costs, transaction records and enforcement.
The petitioner claims that immediate taxation could place a burden on younger investors and encourage trading through offshore platforms. These arguments represent the position presented in the petition rather than established estimates of investor behaviour or government revenue.
South Korea’s crypto tax implementation has already been postponed several times, moving from 2022 to 2023, then 2025 and finally 2027.
The latest petition would therefore represent a fourth postponement if lawmakers approve the requested change.
Government Maintains January 2027 Timeline
Despite opposition to the tax, the government has indicated that it intends to proceed with implementation as scheduled.
Finance minister nominee Lee Hyoung-il said in written answers submitted to the Strategy and Finance Committee on Sunday that it is “desirable to implement the tax as scheduled” and “appropriate” to classify crypto gains as miscellaneous income.
Lee also said the National Tax Service will publish detailed taxation standards through a public notice before the end of the year.
The aim is to prevent taxpayers from experiencing difficulties when filing their returns.
Lee compared the planned crypto tax regime with existing taxes on certain stock transactions and gains from overseas, unlisted or large-shareholder equity holdings. He argued that taxing digital assets would improve tax equity.
His confirmation hearing is scheduled for Tuesday.
National Tax Service Prepares Crypto Tax Infrastructure
The National Tax Service has already addressed several questions related to calculating taxable crypto gains.
For assets held before January 1, 2027, the acquisition value will generally be the higher of the documented purchase price or the market value recorded on December 31, 2026.
For purchases made after implementation where the actual cost cannot be established, regulations may permit deemed expenses calculated as a portion of the sale value. However, precise eligibility standards remain subject to subordinate rules.
The tax authority is also preparing to address transactions involving private wallets.
The National Tax Service has told lawmakers that directly identifying every unreported private-wallet transaction is difficult. It plans to acquire commercial wallet-tracing software capable of connecting transactions across public blockchains before the 2027 rollout.
Similar tools are used by law enforcement and tax authorities to trace movements across blockchain networks.
However, transaction tracing alone does not identify the beneficial owner of every wallet. Exchanges, banking records, transfer histories and taxpayer disclosures may provide additional information when authorities attempt to connect blockchain addresses with individuals.
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International Crypto Reporting to Begin in 2028
South Korea also expects international data sharing to strengthen tax enforcement.
Participating jurisdictions intend to exchange information under the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework.
The data exchanged in 2028 is expected to cover eligible crypto transactions conducted during 2027.
This means international reporting could provide South Korean authorities with another source of information during the first year of the planned tax regime.
Some Crypto Income Rules Remain Unsettled
While authorities have provided guidance on several aspects of crypto taxation, rules concerning income from staking, airdrops and blockchain forks remain less settled than the treatment of transfers and lending.
The government has said detailed standards will address areas requiring clarification before taxpayers submit their first returns.
The National Tax Service is therefore continuing preparations while the latest petition moves toward committee review.
Previous Abolition Petition Also Reached 50,000 Signatures
The latest postponement petition follows a separate petition calling for the abolition of the crypto tax, which reached 50,000 signatures in May, reportedly within eight days.
That petition advanced to committee review but did not result in a legislative change.
For the latest requested delay to take effect, lawmakers would need to pass another amendment changing the January 1, 2027 commencement date.
As of September 14, the National Assembly had not published a committee hearing or vote date for the latest petition.
Outlook
The 50,000-signature milestone gives opponents of South Korea’s planned crypto tax a route to National Assembly committee review, but it does not itself postpone implementation.
The government continues to prepare for the January 1, 2027 start date, with the National Tax Service working on detailed taxation standards, wallet-tracing capabilities and international reporting arrangements.
Whether the latest petition results in another postponement will depend on the legislative process. For now, the planned 22% crypto tax remains scheduled for January 2027, while lawmakers consider the request for a two-year delay.
FAQs
1. How many signatures has the South Korea crypto tax petition received?
The petition seeking a two-year postponement has secured 50,000 verified signatures, allowing it to move to a National Assembly committee for review.
2. When is South Korea’s crypto tax currently scheduled to begin?
The 22% crypto tax is currently scheduled to take effect on January 1, 2027.
3. Why are opponents seeking another postponement?
Petitioners argue that more time is needed to improve systems for tracking crypto gains across domestic exchanges, overseas platforms and private wallets, as well as to address acquisition costs, transaction records and enforcement.
4. Will the 50,000 signatures automatically delay the crypto tax?
No. Reaching the signature threshold does not change the January 1, 2027 commencement date. Lawmakers would need to pass another amendment to postpone implementation to January 2029.
Sources: Crypto News, BigGo Finance, OneBullEx, KuCoin
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