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South Korea’s Democratic Party Fails to Decide on Crypto Tax Delay, Says More Discussion Needed

South Korea’s Democratic Party Fails to Decide on Crypto Tax Delay, Says More Discussion Needed

  • South Korea’s Democratic Party said it would conduct further reviews after failing to reach a conclusion on whether to implement cryptocurrency taxation.
  • The party said there were views that additional measures are needed for collecting overseas trading data and addressing tax fairness issues.
  • The party said there were views that the tax framework should be reorganized on the premise of a Basic Digital Asset Act, including the classification of crypto derivatives and the possible introduction of loss carryforwards.

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From left, Democratic Party lawmaker Oh Gi-hyung, the party’s policy committee secretary for government affairs, and Kwon Chil-seung, chair of the Democratic Party’s policy committee, give a back-briefing after a party-government consultation at the National Assembly Members’ Office Building on October 28. Photo: Jin Wook/Bloomingbit
From left, Democratic Party lawmaker Oh Gi-hyung, the party’s policy committee secretary for government affairs, and Kwon Chil-seung, chair of the…

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