A South Korean lawmaker has introduced a bill that would push back the country’s planned cryptocurrency taxation to 2029, arguing that current tax infrastructure is not equipped to handle transactions on decentralized platforms. Kim Sang-hoon of the ruling People Power Party (PPP) filed the amendment to the Income Tax Act on Aug. 28, according to a report by Digital Asset.

Proposed Delay and Rationale

Kim’s proposal seeks to move the taxation of virtual assets to January 2029, two years later than the currently scheduled start date of January 2027. The lawmaker said the National Tax Service lacks sufficient tools to track or verify trades executed through decentralized exchanges, peer-to-peer markets, and DeFi protocols. In…