People Power Party Proposes Bill to Delay and Abolish Digital Asset Taxation

The People Power Party is proposing a bill to delay and abolish the taxation of digital assets, standing in opposition to the government and the Democratic Party. The bill currently pending in the 22nd National Assembly includes an amendment by Representative Song Eon-seok to remove the taxation clause and a proposal by Representative Jeong Seong-guk to postpone the taxation start date to 2030. Representative Kim Sang-hoon is also expected to propose a bill to delay the implementation of the tax by two years. According to the current income tax law, a tax rate of 20% applies to annual net income exceeding 2.5 million won generated from the transfer or lending of digital assets. The People Power Party opposes taxation, citing a lack of administrative infrastructure and issues of tax equity, pointing out the difficulties in taxing transactions through overseas exchanges and personal wallets. The Democratic Party is proposing measures to strengthen the tax base, and future discussions in the National Assembly are expected to focus more on institutional improvements rather than the abolition of the tax. The National Assembly Budget Office has warned that a comprehensive review is necessary before the implementation of the tax, highlighting the limitations of the current system.

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