South Korea's Ruling Party Stands Firm on Crypto Tax Implementation

South Korea's National Assembly Finance and Economy Committee member Jeong Tae-ho from the Democratic Party has emphasized the need to implement the taxation of digital assets as previously scheduled. According to Odaily, Jeong stated that since the tax implementation has already been delayed multiple times, it should now proceed as planned. The party will begin formal discussions once the tax reform proposal is submitted to the committee, with further evaluations on supplementary measures to be conducted during the detailed review phase. This stance marks a shift from Jeong's earlier position in April, where he suggested a comprehensive view on digital asset taxation. It also aligns with the government's direction. South Korean finance officials have confirmed that the income tax on digital assets is set to be implemented on January 1, 2027. Meanwhile, several members of South Korea's ruling party have reinforced their support for the tax, opposing the opposition party's call to abolish it. This disagreement may lead to further debates on the crypto tax policy during the year-end budget and tax discussions.