Petition to Delay Cryptocurrency Taxation Until 2029

A petition has been submitted to the National Assembly requesting a two-year delay in the implementation of cryptocurrency taxation from 2027 to 2029. The petitioner argued that a reduction in personal income tax could lead to a decrease in corporate tax, resulting in a loss of tax revenue. The petitioner, identified as Mr. Cho, submitted the "Petition for a Two-Year Delay in Cryptocurrency Taxation" on the 17th, which has garnered support from over 100 people and is currently under review for public disclosure. Mr. Cho stated that Dunamu paid 432.6 billion KRW in taxes last year, but the expected corporate tax for this year is projected to drop to 30 billion KRW. He explained that as taxation approaches, people are leaving the cryptocurrency market, causing a sharp decline in exchange revenues and corporate taxes. Furthermore, while an increase in tax revenue of 400 to 600 billion KRW is anticipated from digital asset taxation, there are concerns about a potential decrease of 200 billion KRW in tax revenue during a downturn. Currently, the government has announced that the tax will be implemented in January 2027, but the People Power Party is advocating for a delay due to insufficient infrastructure.

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