Debate over another crypto tax delay regains traction in South Korea

South Korea’s National Tax Service plans to release a notice next month laying out detailed standards for implementing cryptocurrency taxation in January next year, The Herald Business reported. The draft is expected to include the tax authority’s position on key industry concerns, including the scope of miscellaneous income and whether loss carryforwards will be allowed. While the government is sticking to its plan to proceed with taxation as scheduled, two rounds of public consent petitions and pushback from crypto investors remain significant. In the industry and political circles, some expect the government and the ruling Democratic Party could again consider a delay near year-end if concerns over inadequate tax infrastructure and fairness intensify, according to the report. The article added that the issue could mirror the path of the financial investment income tax, which moved toward delay and repeal just before taking effect.