Blue House Reviews Further Delay of Crypto Tax, Says No Decision Has Been Made

South Korea’s Blue House said it is reviewing whether to further delay the introduction of taxes on virtual assets, but no decision has been made.

Yonhap News TV reported on October 25 that the presidential office was responding to media reports that another delay to crypto taxation was increasingly likely. The Blue House said the matter is under review and that nothing has been decided.

The office is considering several options, including pushing back the start date for the tax again. Some reports say it is leaning toward an additional delay.

Kim Min-seok, leader of the Democratic Party, previously said the issue of crypto taxation should be settled this year and that the party and government would reach a conclusion through intensive talks.

With the Blue House also reviewing a tax delay, discussions between the party and the government could intensify. There is also speculation that the policy may be finalized soon through a high-level consultation involving the party, the government and the presidential office.

Under the current crypto tax framework, income from the transfer or lending of virtual assets is subject to a 22% tax on amounts above an annual deduction of about $1,810. The rate includes a 20% tax on other income and a 2% local income tax.