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A total of 14 lawmakers from the Democratic Party and the Rebuilding Korea Party have joined a bill that would effectively delay taxation on virtual assets, or digital assets, by two years, Digital Asset reported. It marks the first tax-deferral bill on the issue introduced by Democratic Party lawmakers.
Lawmakers Park Min-kyu, who led the bill, Park Jeong-hyeon, Kang Jun-hyun, Choi Min-hee, Min Byoung-dug, Park Hong-bae, Kim Han-gyu, Lee Ju-hee, Lee Hoon-ki, Park Eun-jung, Lee Kwang-jae, Park Hae-cheol, Kim Won-i and Lim Moon-young submitted the proposed amendment to the Income Tax Act today. All are Democratic Party lawmakers except Park Eun-jung of the Rebuilding Korea Party.
The amendment would push back the start of digital asset taxation from 2027 to two years after the Crypto-Asset Reporting Framework, or CARF, takes effect.