South Korea’s government said on Thursday it will seek to delay taxation of crypto income by two years, from January 2027 to 2029, the fourth postponement of a tax first legislated in 2020. Deputy Prime Minister and Finance Minister Lee Hyoung-il announced the plan at a briefing in Seoul and said the government will work with the National Assembly, The Korea Times reported.

The announcement came a day after Democratic Party of Korea Chairman Kim Min-seok formally asked for another postponement, according to the Korea Times. Lawmakers will have the final say, and the 2029 date is proposed rather than enacted.

Lee gave two main reasons. Starting the tax before crypto transaction information exchange with the United States begins in…