The Democratic Party of Korea will discuss with the ruling party that supports the "delay of crypto taxation for two years" in order to reach an agreement

The Democratic Party of Korea will hold a discussion with the ruling party today, which supports the "postponement of cryptocurrency taxation for two years." Its position is that even if the tax exemption for virtual assets (cryptocurrencies) is increased, taxation will be implemented from next year. Due to the opposing positions and the fact that it is a bill attached to the budget, it is planned to reach an agreement as much as possible and deal with it at the plenary meeting next month. The secretaries of the ruling and opposition parties of the National Assembly Planning and Finance Committee plan to discuss the remaining controversial issues such as the bill related to virtual asset tax today. A person related to the Strategic Finance Committee of the Democratic Party explained on the 24th: "If an agreement is reached, the bill will be handled as originally planned. If no agreement is reached, it will be handed over to the leaders in the House." Originally, the Democratic Party planned to increase the upper limit of virtual asset tax exemption to 50 million won and submit it to the plenary meeting of the Strategic and Finance Committee on the 26th after discussing with the Tax Subcommittee. A leading official of the Democratic Party said, “There is a problem that the stock market has fallen due to the ‘Korea discount’, so we need to be cautious about taxation, but taxing virtual assets has the effect of incorporating them into the tax system.” The Democratic Party also believes that if the tax exemption limit is increased from 2.5 million won to 50 million won, the number of taxpayers will be greatly reduced. Policy Committee Chairman Jin Chengjun announced on the 21st that among the 8 million virtual asset investors in South Korea, only about 3,500 people (0.04%) who hold more than 1 billion won will be taxed. Due to differences in opinion within the party, the final position on this matter will be decided through discussion like the financial investment income tax (gold investment tax).