South Korea Democratic Party Caucus Weighs Delay to January Crypto Tax, Decision Due Soon

Calls emerged at a lawmakers' general meeting of South Korea's Democratic Party to delay taxation on virtual assets, or cryptocurrencies, which is scheduled to take effect in January next year. No final decision was made at the meeting.

Digital Asset reported on October 27 that Jeon Eun-su, the Democratic Party's floor spokesperson, said after the meeting that members had voiced support for a delay. He said no decision was reached that day.

Democratic Party lawmaker Ahn Do-geol is said to have proposed first enacting the Digital Asset Basic Act and then implementing crypto taxation together with it.

Jeon said the party would gather more views before making a decision. With about 60 days left before the tax is due to take effect, he said a decision on whether to delay it would be made soon.

The party's policy committee shared various views on the planned launch of the tax at the meeting, but lawmakers' remarks largely leaned toward the need for a delay, according to the report.