South Korea's ruling party plans to propose delaying taxation on virtual assets, with the majority opinion mentioning about two years.

November 3 - Today, Democratic Party lawmakers belonging to the National Assembly's Finance and Economy Committee of South Korea decided to recommend to the leadership to postpone the taxation of virtual assets originally scheduled for implementation next year. After the meeting, Oh Ki-hyung, the ruling party's secretary, stated that although there was a discussion on the principle that "income should be taxed," considering the external environment, the majority believed it was not appropriate to immediately impose the tax next year and that it would be better to implement it after further policy preparation. He also said the Finance Committee would present this opinion to the party leadership.

Regarding the length of the postponement, Oh Ki-hyung said the majority opinion mentioned about two years. Currently, only views on the direction of the postponement have been exchanged, and the specific plan will be discussed by the Policy Committee after the party leadership sorts it out. It is expected to be discussed again starting next week or the week after and attempted to be written into the system. Factors considered include that overseas tax information exchange is expected to enter a substantive phase around 2029, and the Digital Asset Basic Act, which may be implemented in the first half of next year, could change the taxation system.