Democratic Party Proposes Official Delay on Cryptocurrency Taxation

The Democratic Party of Korea has officially proposed a delay on cryptocurrency taxation as a party policy. Kim Min-seok, the party leader, stated during a Supreme Council meeting held on the 4th at the National Assembly in Yeouido, Seoul, "The Democratic Party officially proposes a delay on the taxation of cryptocurrency income to the government." He explained that this proposal was carefully considered through discussions with the party and government, as well as meetings with cryptocurrency business operators, focusing on the National Assembly's Finance Committee. He emphasized the importance of establishing a Digital Asset Basic Law, considering taxation principles, domestic industry conditions, and fairness among users, while allowing a period for companies and investors to adapt. He noted that there have been three previous considerations for tax delays, and this time, they would clearly define the delay period and thoroughly prepare for the use of overseas transaction information, computer verification, and taxpayer guidance methods. However, he did not specify the exact duration of the delay. The Democratic Party plans to hold a party-government consultation on cryptocurrency taxation with the government on October 28 and gather opinions from domestic cryptocurrency business operators in a meeting on October 30. Democratic Party member Oh Gi-hyung reported that after gathering opinions from members of the Finance Committee, there was a consensus on the necessity of a tax delay, which was suggested to the leadership.

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