The leader of the ruling party in South Korea: has proposed to the government to postpone the cryptocurrency income tax

According to The Block citing News1, Kim Min-seok, the leader of South Korea's ruling Democratic Party, stated that he has officially proposed to the government to postpone the cryptocurrency income tax. This tax law was originally set to take effect on January 1, 2027.

During a party meeting, Kim Min-seok mentioned that South Korea should first establish the "Basic Law on Digital Assets," which serves as a legal framework for cryptocurrency, allowing businesses and investors to adapt before taxing cryptocurrency gains.