South Korea opposition party pushes to scrap planned 22% crypto tax

The ruling Democratic Party responded, saying it has not formed a consensus on abolishing the tax but will review the new proposal.

South Korea’s main opposition party has proposed scrapping a planned crypto tax ahead of its 2027 rollout, citing fairness, double taxation and enforcement concerns.

According to a Thursday report by local media outlet eDaily, the conservative People Power Party (PPP) introduced a bill to amend the country’s Income Tax Act and remove provisions on digital asset income, aiming to abolish a planned tax on crypto asset gains ahead of its 2027 implementation.

Under the upcoming rules, crypto gains exceeding 2.5 million Korean won will be subject to a 20% income tax and an additional 2% local tax starting on Jan. 1, 2027. The measure has already been delayed three times since its initial introduction. 

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