{
  "slug": "2026-10-20-south-korea-s-finance-ministry-meets-five-crypto-exchanges-as-ruling-party-bill",
  "title": "South Korea's finance ministry meets crypto exchanges as tax delay bill proposes 2029 start",
  "date": "2026-10-26T08:30:54.000Z",
  "updated": "2026-10-26T08:30:54.246Z",
  "tags": [
    "news",
    "industry"
  ],
  "source": "https://www.blockhead.co/2026/10/20/south-korea-meets-top-crypto-exchanges-as-ruling-party-bill-seeks-to-push-22-tax-to-2029/",
  "summary": "A ruling-party bill would tie the 22% crypto gains tax to OECD reporting rules, delaying it from January 2027 to 2029.",
  "kind": "article",
  "body": "# South Korea's finance ministry meets crypto exchanges as tax delay bill proposes 2029 start\n\n*First Vice Minister Kwon Dae-young chaired a closed-door session on October 20, 2026, while a Democratic Party bill would link the tax's start to OECD crypto reporting.*\n\nSouth Korea's Ministry of Economy and Finance met the country's five won-based crypto exchanges in Seoul on October 20, 2026, to discuss readiness for a 22% tax on crypto gains set to begin January 1, 2027. First Vice Minister Kwon Dae-young chaired the session, which included the Financial Services Commission, the exchange industry body DAXA, and outside experts. The exchanges present were Upbit operator Dunamu, Bithumb, Coinone, Korbit, and Gopax.\n\nA ministry official said the meeting aimed to assess preparedness between the National Tax Service and the exchanges, adding that the ministry had not taken a position on the matter.\n\nDemocratic Party lawmaker Park Min-gyu introduced bill 2221923 on October 16, 2026, with 13 co-sponsors. The bill proposes delaying the tax until January 1 of the second year after South 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 monitor trades on overseas platforms until CARF is implemented, putting domestic exchange users at a disadvantage. Lawmakers from the People Power Party have suggested either scrapping the tax or delaying it by two to three years.\n\nThe government maintains that the tax should start as scheduled. Finance Minister Lee Hyoung-il stated during a parliamentary audit on October 6, 2026, that he would gather input from experts and the industry. The National Tax Service informed lawmakers on October 13, 2026, that it is preparing detailed guidance, expected in November.\n\nDAXA formally requested a postponement on September 10, 2026, on behalf of 27 domestic crypto service providers. Exchanges have also raised concerns about unresolved tax treatment for staking, airdrops, and DeFi income.\n\nThe tax would apply to gains from transferring or lending crypto, treating them as other income at a 22% rate (20% national plus 2% local) on annual gains exceeding 2.5 million won. First filings would be due in May 2028. The tax was legislated in 2020 for a 2022 start and has been delayed three times, most recently in December 2024 from January 2025 to January 2027. Any further delay requires the National Assembly to amend the Income Tax Act before January 1, 2027.",
  "sources": [],
  "wordCount": 408,
  "readingTime": 3,
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