PPP lawmaker proposes 2-year delay to crypto tax until 2029

People Power Party lawmaker Kim Sang-hoon has proposed a bill to delay cryptocurrency taxation to 2029 from 2027, Digital Asset reported. Kim said in the proposed amendment to the Income Tax Act on Aug. 28 that tax infrastructure remains insufficient to track or verify transactions conducted through decentralized exchanges, peer-to-peer trading, and DeFi, unlike trades on domestic centralized exchanges. Kim added that a full rollout of an international system for sharing virtual-asset transaction data among major countries is expected to take considerable time, raising concerns about a gap in securing tax information on overseas transactions. The proposal brings the total number of People Power Party-sponsored bills seeking to abolish or delay crypto taxation to three, from Kim Sang-hoon, Song Eon-seok, and Jeong Seong-guk.