PANews reported on November 8 that according to the Korea Economic Daily, given that South Korean political parties recently reached an agreement to cancel the planned financial investment income tax, the cryptocurrency capital gains tax originally planned to be implemented in 2025 is now more likely to be postponed to 2027. A South Korean Democratic Party official said that it is now considered necessary to postpone the cryptocurrency capital gains tax to maintain fairness.
The South Korean government proposed a tax law amendment in July that included deferring the capital gains tax on cryptocurrencies, but the passage of the amendment has been uncertain due to the Democratic Party's opposition to the government's other tax cuts. Min Byoung-dug, a member of the Democratic Party, stressed that the industry needs to be legally recognized before the income of the virtual asset industry can be legally taxed, so he supports the current decision to defer taxation of virtual assets.
