South Korea's People Power Party Seeks Delay for Digital-Asset Taxation to 2029
South Korea's ruling People Power Party has proposed delaying digital-asset taxation to 2029, citing a lack of infrastructure for tracking and verifying transactions on decentralized exchanges, peer-to-peer networks, and decentralized finance platforms.
Rep. Kim Sang-hoon introduced an amendment to the income tax law that would push back the implementation date from 2027 to 2029, giving lawmakers more time to address the challenges associated with taxing digital assets.
The office of Rep. Kim stated that the bill was prompted by the difficulties in tracking and verifying transactions on decentralized exchanges, as well as potential gaps in securing tax information on overseas transactions due to varying implementation timelines for the Crypto-Asset Reporting Framework (CARF).
This is not the first attempt by the People Power Party to delay or abolish digital-asset taxation. Previous lawmakers have proposed similar bills, highlighting the ongoing debate over how to regulate and tax digital assets in South Korea.