Even within the ruling party, there's a call for postponing virtual asset taxation... Park Min-kyu says, "Start with the Digital Asset Act."

Even within the ruling party, there's a call for postponing virtual asset taxation... Park Min-kyu says, "Start with the Digital Asset Act."

Following Min Byung-duk yesterday, 'premature' criticism... Opposition's Kim Jae-seop proposes a tax deferral bill.

Arguments are emerging not only from the opposition but also from the ruling party that the introduction of a virtual asset income tax system is premature.

There is a growing consensus in the political circle that the tax implementation scheduled for January next year should be postponed for the time being.

According to the virtual asset industry on the 23rd, Rep. Park Min-kyu of the Democratic Party of Korea, a member of the National Assembly's Political Affairs Committee, stated in a Facebook post on that day, "It is premature to implement taxation starting next January when even the Digital Asset Basic Act has not yet been enacted."

This follows a similar voice from Rep. Min Byung-duk of the same party, who argued via Facebook the previous day that virtual asset taxation should be introduced after the enactment of the Digital Asset Basic Act.

Rep. Park pointed out that with clear tax standards and guidelines not yet established, criteria necessary for taxation, such as the calculation of acquisition costs, are unclear.

The intent is that although tax implementation is imminent, neither exchanges nor users are clear on how specifically to prepare for taxation, which could lead to confusion in the field.

Rep. Park also noted, "If taxation is implemented domestically first before the Digital Asset Transaction Information Automatic Exchange System (CARF) among countries fully operates, only domestic exchange users could be relatively disadvantaged."

He added, "There is a high risk that this could lead to side effects such as encouraging the outflow of digital asset transactions abroad and shrinking the domestic market."

Rep. Park stated, "Now, rather than taxation, the priority is to establish an institutional foundation to support and grow the digital asset market." He added, "The government should postpone unprepared taxation and focus on enacting the Digital Asset Basic Act."

The opposition party is successively proposing tax deferral bills.

Rep. Kim Jae-seop of the People Power Party on this day primarily sponsored an amendment to the Income Tax Act to postpone the effective date of virtual asset income taxation from January 1st next year to January 1st, 2030, a three-year deferral.

Reps. Jeong Seong-guk and Kim Sang-hoon of the same party also primarily sponsored amendments to the Income Tax Act last month, respectively, to postpone the virtual asset taxation date by three and two years.