PPP lawmaker proposes delay of crypto tax to 2029

People Power Party lawmaker Kim Sang-hoon proposed a bill to delay cryptocurrency taxation to 2029 from 2027. In the amendment to the Income Tax Act on Aug. 28, Kim stated that the current tax infrastructure is inadequate for tracking or verifying transactions on decentralized exchanges, peer-to-peer trading, and DeFi, unlike those on domestic centralized exchanges. He expressed concerns that the implementation of an international system for sharing virtual-asset transaction data among major countries will take considerable time, leading to potential gaps in securing tax information on overseas transactions. This proposal increases the total number of People Power Party-sponsored bills aimed at abolishing or delaying crypto taxation to three.

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