Korea’s tax on cryptocurrency gains, scheduled to take effect in January, could face a fourth postponement as the government turns cautious amid mounting calls for a delay from investors, the industry and lawmakers from both ruling and opposition parties.

Authorities have defended the levy on the principle that income should be taxed and on grounds of fairness across asset classes. However, the government’s recent pledge to reassess tax infrastructure and market conditions has fueled expectations of another postponement.

The subtle shift comes as falling stock prices and tighter property taxation have already frustrated investors, raising concerns…