South Korea's ruling party wants to delay its crypto tax again

From the source

South Korea's ruling party wants to delay crypto tax by about two years, as it waits for global tax-sharing rules and new digital assets law. South Korea’s ruling Democratic Party wants to delay a tax on cryptocurrency gains by two more years, which would be the fourth postponement. Democratic lawmakers on the National Assembly’s Strategy and Finance Committee agreed on Nov. 3 to recommend the deferral to party leadership, local media reported . The tax, on what Korea calls virtual assets, is due to take effect in January 2027. “While we agree with the basic tax principle that income should be taxed where it arises, the majority view was that, given various policy circumstances, it would be unavoidable to allow a period of preparation before implementation,” said Oh Gi-hyoung, the party’s secretary on the committee. “Most people seem to be talking about around two years.” Two things seem to be driving the push to delay again. The first is timing. An international system for…

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