Debate on Digital Asset Tax Delay Spreads in the Democratic Party, Park Min-kyu Says Next Year is Premature

Within the Democratic Party, the idea of delaying the taxation of digital assets has emerged. Representative Min Byung-deok proposed postponing the tax implementation following the passage of the Digital Asset Basic Act, while Representative Park Min-kyu emphasized that implementing the tax in January next year is premature. He pointed out that enforcing taxation without established criteria and guidelines is problematic, explaining that both exchanges and investors are in a difficult position to prepare for taxation. Additionally, concerns were raised about starting taxation before the automatic exchange system for digital asset transaction information between countries (CARF) is operational. He argued that if taxation is implemented before CARF is functioning, it could disproportionately disadvantage domestic exchange users. Representative Park also mentioned the need to consider the taxation environment after the abolition of the financial investment income tax, stressing that establishing a regulatory foundation to support the digital asset industry should take precedence. He urged the government to focus on the enactment of the basic law and delay the taxation of digital assets rather than enforcing unprepared taxation. Discussions regarding the timing of digital asset taxation within the ruling party are expected to continue.

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