[South Korea Plans to Delay Cryptocurrency Earnings Tax by Two Years to 2029, May Allow Loss Carry-forward] BlockBeats reported on November 5th, citing Yonhap News Agency, that South Korean Finance Minister Lee Hyoung-il stated today that the government plans to postpone the implementation of a cryptocurrency earnings tax, originally scheduled for 2027, by two years to 2029, and will consult with the National Assembly to advance related legislation. The South Korean government explained that South Korea plans to begin exchanging virtual asset tax information with the United States in 2029. Imposing the tax before then could put the South Korean domestic cryptocurrency market at a competitive disadvantage. This postponement aims to improve the taxation mechanism for domestic and international transactions and enhance tax fairness. Under the current plan, annual cryptocurrency earnings exceeding 2.5 million won (approximately US$1,869) will be subject to a 22% tax rate. If the postponement is ultimately approved, this will be the fourth time South Korea has delayed the implementation of a cryptocurrency earnings tax since it first proposed it in 2020. In addition, the South Korean government plans to study allowing investors to carry forward losses to offset future earnings, with a proposed three-year period. Simultaneously, a government-business working group will be established to refine tax details for different transaction scenarios and to promote legislation on digital assets. The government plans to submit relevant amendments to the National Assembly during the 2027 regular session. [Original Link]