South Korean Opposition Lawmaker Calls for Scrapping Crypto Income Tax Plan

November 11: According to The Block, South Korean opposition lawmaker Song Eon-seok argues that South Korea should scrap its cryptocurrency income tax plan rather than delay it by two years. Song said that taxing crypto asset gains while exempting domestic stock gains, combined with the difficulty of identifying overseas trading data and the original prices of crypto holdings, would cause confusion and burden investors. South Korea had originally planned to impose a 22% tax on crypto asset gains starting January 1, 2027. But the government and ruling party announced earlier this month that they plan to postpone the tax until 2029. This would be South Korea's fourth delay of the crypto tax plan.