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DP Finance Committee Lawmakers Urge Party Leadership to Delay Crypto Tax Again, Consider 2-Year Extension
Summary
- Democratic Party lawmakers on the National Assembly's Finance and Economy Committee said they plan to ask party leaders to further delay crypto taxation, which is scheduled to take effect next year.
- Committee members said they agreed there is a need to adjust the timing of crypto asset taxation in light of changes in the policy environment surrounding the sector.
- A two-year tax delay is under discussion, and the Democratic Party said it may review procedures as early as next week to reflect a delay in crypto taxation in the relevant system.
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Lawmakers from the Democratic Party on the National Assembly's Finance and Economy Committee plan to urge party leaders to further delay taxation on virtual assets, which is set to take effect next year.
Rep. Oh Gi-hyoung, the Democratic Party's senior member on the committee, told reporters on November 3 after a party-government meeting on the budget office and the Future Response Fund that committee members agreed there is a need to postpone implementation of the crypto tax.
He said changes in the policy environment surrounding virtual assets make it necessary to adjust the start date rather than proceed with taxation next year.
A two-year delay is under discussion. The committee has not finalized a specific extension period and will first relay its view to the party leadership that the tax should be deferred.
The Democratic Party plans additional discussions with its leadership and may review procedures as early as next week to reflect a delay in crypto taxation in the relevant system.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.