In a report dated November 11, 2026, PANews, citing The Block, said South Korean opposition lawmaker Song Eon-seok argued that South Korea should abolish its cryptocurrency income tax plan rather than postpone it by two years.
Song said taxing gains on crypto assets while exempting gains on domestic stocks, together with the difficulty of identifying overseas transaction data and the original acquisition price of crypto holdings, would create confusion and burden investors.
The tax had been scheduled to apply to crypto asset gains at a rate of 22% from January 1, 2027. Earlier in November 2026, the government and the ruling party announced a plan to delay the tax until 2029. The report said that postponement would be South Korea’s fourth delay of the crypto tax plan.
Song’s position is a call to abolish the plan. The government and ruling party announcement, as described, is a plan to defer the start date, not a completed repeal and not a tax already in force.
Original report: PANews, November 11, 2026.
