The ruling party of South Korea calls on multiple parties to postpone the virtual asset tax plan

The ruling Democratic Party of Korea and opposition party members, along with industry groups, jointly called for the postponement of the cryptocurrency tax plan scheduled to take effect in January 2027.

A member of the Democratic Party's Policy Committee, Min Byeong-deok, stated that initiating taxation before the establishment of the Basic Act on Digital Assets lacks sufficient legal and institutional foundation, and the mechanisms for tracking income from overseas exchanges and loss carryforwards are still inadequate.