Ruling party joins growing calls to delay crypto taxation

The Democratic Party of Korea (DPK) has joined other lawmakers and industry groups in advocating for a delay in the implementation of cryptocurrency taxation in South Korea. The tax, initially set to take effect on January 1, 2027, has been called into question due to concerns over the readiness of the tax system. Rep. Min Byung-duk, a senior member of the DPK's policy committee, argued that taxation should be postponed until after the passage of the Digital Asset Basic Act, emphasizing the need for a solid foundation to collect taxes credibly.

The lawmaker highlighted challenges such as tracking income from overseas exchanges and the lack of a system for carrying forward investment losses, expressing his concerns about the timing of the tax system's readiness rather than the taxation itself. This move reflects the growing momentum to postpone the rollout of the cryptocurrency tax.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.