South Korean crypto tax repeal debate stalls as tax agency pushes ahead

While South Korea's National Tax Service is creating a dedicated team and building a transaction analysis system ahead of next year's planned implementation of cryptocurrency taxation, a petition to abolish the tax has stalled in the legislature, Electronic Times Internet reported. The petition, which garnered more than 50,000 signatures, has been referred to the National Assembly but has not yet been scheduled for review. An official from the National Assembly's Strategy and Finance Committee stated that no schedule has been set for the petition. The official added that whether to discuss it alongside a similar bill to repeal the crypto income tax or to handle it separately is a matter for the party whips to decide. Previously, People Power Party lawmaker Song Eon-seog proposed an amendment to the Income Tax Act that would delete the provisions for taxing gains from the transfer or lending of virtual assets.