South Korea's People Power Party Pushes to Delay Crypto Tax Until 2031

The People Power Party in South Korea is pushing to delay the country's cryptocurrency investment income tax until January 1, 2031. This proposal comes after a separate bill was introduced by another party member to delay the tax until January 2030.

The current plan is for the government and ruling Democratic Party to implement a 20% tax on annual crypto gains exceeding 2.5 million won starting from January 1, 2029. However, the opposition party argues that the tax is premature and would negatively impact market volatility and investor protection.

The National Assembly's standing committee is expected to convene this month, which may lead to a heated clash between the ruling and opposition parties over the issue. The outcome will likely depend on the balance of power in the legislature and the willingness of both sides to compromise.