South Korea parties tentatively agree to delay crypto tax by 2 years

South Korea’s ruling and opposition parties have tentatively agreed to delay taxation on virtual asset income by two years to 2029, Digital Asset reported. Oh Gi-hyoung, a Democratic Party lawmaker and chair of the tax subcommittee of the National Assembly’s Strategy and Finance Committee, told reporters after the subcommittee meeting on Nov. 11 that lawmakers discussed four agenda items related to digital assets and, while no final conclusion was reached, there was a tentative consensus on a delay and talks were continuing on some procedural provisions. Bae Jun-young, a People Power Party lawmaker and the opposition floor member on the committee, also said the government proposed a two-year delay, there were no major differences between the ruling and opposition parties, and it would be reasonable to view the tax as having been pushed back by two years for now. The two sides agreed to continue discussions on detailed issues including loss carryforward deductions, raising the basic deduction, and requiring virtual asset service providers to submit tax data earlier.