South Korea's finance ministry meets crypto exchanges as ruling-party bill seeks to push 22% tax to 2029
A finance ministry meeting with five exchanges precedes a bill to tie the 22% tax to OECD reporting readiness.
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First Vice Minister Kwon Dae-young chaired a closed-door session with five exchanges on October 20, 2026, as a bill proposes linking the tax to OECD crypto reporting.
South Korea’s Ministry of Economy and Finance met the country’s five won-based crypto exchanges in Seoul on October 20, 2026. The session, chaired by First Vice Minister Kwon Dae-young, 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.
A ministry official said the meeting would assess whether the National Tax Service and the exchanges are prepared. The official added that the ministry had no predetermined position on the tax timeline.
Democratic Party lawmaker Park Min-gyu introduced bill 2221923 on October 16, 2026, with 13 co-sponsors. The bill proposes delaying the 22% tax on crypto gains 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, which they say disadvantages domestic exchange users. Lawmakers from the People Power Party have proposed either scrapping the tax or delaying it by two to three years.
The government maintains that the tax should start as scheduled on January 1, 2027. Finance Minister Lee Hyoung-il told 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.
DAXA 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.
The tax would apply to gains from transferring or lending crypto, treating them as other income at a rate of 22% (20% national and 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 postponed 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.