South Korea's finance ministry meets five crypto exchanges as ruling-party bill seeks to push 22% tax to 2029
First Vice Minister Kwon Dae-young chaired a closed-door session on October 20, 2026, while Democratic Party lawmaker Park Min-gyu's bill would tie the tax's start to OECD crypto reporting.
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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 meeting in Seoul on October 20, 2026, as a ruling-party bill seeks to delay a 22% tax on crypto gains from January 1, 2027 to 2029. First Vice Minister Kwon Dae-young chaired the session, with the Financial Services Commission, the exchange industry body DAXA and outside experts attending, Blockhead reported. The exchanges were Upbit operator Dunamu, Bithumb, Coinone, Korbit and Gopax.
A ministry official said the meeting would check whether the National Tax Service and the exchanges are ready, and that the ministry had no predetermined position.
Democratic Party lawmaker Park Min-gyu introduced bill 2221923 on October 16, 2026 with 13 co-sponsors. It would start the tax on January 1 of the second year after Korea first exchanges crypto transaction data under the OECD’s Crypto-Asset Reporting Framework (CARF). If that first exchange happens in 2027, the tax would start in 2029. The sponsors argue authorities cannot see trades on overseas platforms until CARF is running, which disadvantages people who use domestic exchanges. People Power Party lawmakers have proposed scrapping the tax or delaying it two to three years.
The government’s formal position is that the tax starts on schedule. 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 needs the National Assembly to amend the Income Tax Act before January 1.