[Calls in South Korea to Delay Cryptocurrency Tax Plan, Min Byung-deok: Legal Framework Still Incomplete]
South Korea's Democratic Party, opposition lawmakers, and industry groups are calling for a delay to the cryptocurrency tax plan originally scheduled to take effect on January 1, 2027. Min Byung-deok, a member of the Democratic Party's Policy Committee, stated that implementing taxation before the establishment of the 'Basic Act on Digital Assets' lacks sufficient legal and institutional foundation. Additionally, mechanisms for tracking income from overseas exchanges and carrying forward losses remain inadequate. The Korea Digital Asset Exchange Association (DAXA) and over 70% of surveyed local investors have expressed concerns and opposition regarding the current state of tax preparation. However, South Korea's Minister of Economy and Finance, Choo Kyung-ho, advocates for proceeding as planned, noting that most individual investors' holdings do not meet the taxable threshold, and the overall tax burden impact is limited.
