South Korea to introduce taxes on digital assets in 2029

South Korea plans to introduce taxes on digital assets in 2029, two years later than previously envisaged, the finance ministry said on Thursday.



The government will consult parliament on postponing taxes on digital assets by two years and prepare tax systems to introduce them in 2029.



The delay reflected the fact that information exchanges with the US on virtual assets would start in 2029.



Introducing taxes next year as previously planned could disadvantage the domestic market versus global markets, the ministry said.



South Korea is working on enacting legislation on digital assets that could significantly change the market environment in coming years..