South Korea Democratic Party requests delay on crypto tax notice

The Democratic Party of South Korea has requested the government to postpone the administrative notice regarding virtual asset taxation until a conclusion is reached on the matter. Cho Seung-rae, chair of the party’s fiscal and economic planning committee, stated during a meeting with virtual asset service providers at the National Assembly in Seoul that delaying the notice would be preferable until consultations yield a decision on taxation. He noted that the government seems to be aligning with this approach. With two months remaining before the planned implementation of taxation next year, the Democratic Party aims to finalize its stance swiftly after gathering feedback from the industry to mitigate market uncertainty.

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