DP lawmaker Park Min-kyu says January crypto tax rollout is premature

Democratic Party lawmaker Park Min-kyu said it would be premature to begin taxing digital assets in January next year when even a basic law on digital assets has yet to be enacted. Park said clear taxation standards and guidelines have not been prepared, and added that if South Korea moves ahead with taxation before the Crypto-Asset Reporting Framework, or CARF, is fully operational, only users of domestic exchanges could be put at a disadvantage. From the standpoint of tax fairness, Park said taxing only digital assets is undesirable when the financial investment income tax has been scrapped. Rather than pressing ahead with an unprepared tax regime, the government should delay digital asset taxation and focus on enacting a basic law on digital assets, Park said. The remarks mark the second expression of opposition within the Democratic Party to cryptocurrency taxation, according to the source.