Young Crypto Investors to Hold National Assembly Press Conference, Urge 2-Year Delay to Virtual-Asset Tax

Young cryptocurrency investors will hold a press conference at South Korea’s National Assembly on October 21 to urge another delay to the virtual-asset tax regime due to take effect in January, arguing that preparations remain insufficient.

Edaily reported on October 21 that six young investors plan to hold the event at 1:30 p.m. at the National Assembly’s communication hall alongside Rep. Park Soo-young of the ruling People Power Party. It will be the first press conference at the Assembly by young investors calling for a delay to virtual-asset taxation.

Participants include Cho Sang-hyuk, who runs the Telegram channel “Bull Ant CRYPTO,” along with Kim Hee-sang, Jeong Da-woon, Cho Gyeong-chan, Ha Heon-jung and Han Seung-min. Cho’s channel has about 30,000 subscribers, and he has previously staged truck protests and one-person demonstrations near the National Assembly, major political party headquarters and Seoul’s Sangam-dong broadcasting district to press for a tax delay.

The press conference is also linked to a National Assembly public petition seeking a two-year postponement of virtual-asset taxation. The petition, led by Cho, has drawn more than 50,000 signatures, meeting the threshold for referral to the relevant standing committee. Following street protests and the petition campaign, the investors now plan to press for changes directly at the National Assembly.

They argue that with roughly two months left before the tax takes effect, detailed taxation standards and exchanges’ tax-related systems are still not fully in place. They also plan to highlight the lack of a loss carryforward system that would allow investment losses to be deducted in future tax years, as well as limits in obtaining transaction data from users of overseas exchanges. Their position is that the start date should be pushed back by two years to January 2029 to allow time to overhaul the tax standards and build and test the necessary systems.

Questions over fairness and readiness have also continued in political circles. The People Power Party in March adopted the abolition of virtual-asset taxation as its official party position. Park’s view is that it would be inequitable to tax only income from virtual-asset investments after the financial investment income tax was abolished. He also cited lingering uncertainty over taxable assets, expected tax revenue and detailed standards, as well as the fact that tax systems at South Korea’s five major exchanges have yet to be completed.

Park also expressed concern that implementing the tax without a loss carryforward mechanism could unreasonably increase investors’ tax burden and hurt South Korea’s virtual-asset market. Separately, the National Assembly’s Planning and Finance Committee is set to examine virtual-asset taxation during a comprehensive audit of the Ministry of Economy and Finance and the National Tax Service on October 22.