Ruling party, gov't fail to agree on delay of cryptocurrency tax

The Democratic Party of Korea (DPK) and the government were unable to agree on Wednesday regarding whether to postpone the tax on cryptocurrencies that was set to start in 2024. The discussion took place at the National Assembly, with lawmakers from the DPK and officials from the finance ministry in attendance. The issue of cryptocurrency taxation has been a topic of debate for the past three years, with the tax originally proposed in 2020.

During the meeting, various concerns were raised about the proposed tax. Some argued that the tax should be implemented, as it had been delayed three times previously. However, others suggested that further improvements should be made to the system before it is introduced. Rep. Oh Gi-hyoung, a DPK lawmaker, stated that while the need for taxation was acknowledged, there were disagreements over several key issues.

One of the main concerns raised was the fairness of the tax between users of domestic and overseas exchanges. The lawmakers agreed on the necessity of taxing virtual assets but disagreed on the specific details of how this should be carried out. The DPK plans to further review these issues before reaching a final decision on the matter.