The Democratic Party of Korea agrees to postpone cryptocurrency tax for 2 years

The Democratic Party of Korea has agreed to postpone the implementation of taxes on profits from cryptocurrency for an additional two years, pushing the tax enforcement date to 2027. This announcement was made by Park Chan-dae, the head of the party's parliamentary group, at a press conference on December 1, 2024. The tax collection plan was initially set to take effect from January 2025, but due to pressure from investors and opposition from the Democratic Party regarding the negative impacts this tax could cause, the decision to delay has been made.

The party criticized the People Power Party for proposing a longer tax delay, claiming that this is merely a political move serving future elections. Thus, the Democratic Party emphasized that this postponement aims to protect small investors and reduce the tax burden in the context of a volatile cryptocurrency market.