South Korea's Democratic Party calls for postponement of cryptocurrency taxation
The South Korean Democratic Party has joined opposition parties and industry groups calling for the postponement of the cryptocurrency tax originally scheduled to take effect on January 1, 2027. Senior member of the policy committee, Min Byung duk, advocates for the tax to be implemented after the passage of the Digital Asset Basic Law. Finance Minister Lee Hyoung il advocates for timely implementation, stating that 85% of investors hold less than 5 million Korean won (approximately $3670) and most of them are below the tax threshold under the basic deduction of 2.5 million Korean won. This tax system considers the transfer or borrowing of digital assets as other income, with a tax rate of 20%, and losses cannot be carried forward. The exchange alliance DAXA also called for a delay, with a survey showing 73.7% of South Korean investors opposing. (Source: Korea Times)