South Korea is expected to postpone its long-delayed cryptocurrency gains tax for an additional two years, according to local reports.

The left-wing Democratic Party of Korea (DPK), which holds a legislative majority, announced its agreement to the delay, aligning with the government and ruling People Power Party’s proposal.

If approved, this would mark the third delay for the 20% tax (22% with local tax) on crypto gains exceeding 2.5 million Korean won ($1,784). The proposal will be up for a vote during Monday’s plenary session of the National Assembly.

Initially, the Democratic Party called for implementing the tax as planned on January 1, 2025, but suggested raising the tax-deductible threshold to 50 million won ($35,714) to…