South Korea's ruling Democratic Party will further solicit opinions and swiftly decide whether to delay the taxation of crypto assets.

According to Yonhap News Agency, South Korea's ruling Democratic Party convened a lawmakers' assembly on October 27 to discuss whether to delay taxation on crypto assets, but failed to reach a formal party position. Following the meeting, Jeon Eun-soo, the ruling party's floor spokesperson in the National Assembly, stated that the party would "hear more opinions." She noted that with only about 60 days remaining before the tax's implementation, the party would make a decision as soon as possible. Jeon explained that Kwon Ik-seong, chairman of the policy committee, relayed various perspectives during the session, where voices calling for a postponement of the tax emerged. Lawmaker Ahn Do-je presented multiple arguments, asserting that the tax should be rolled out concurrently after the passage of the Digital Assets Basic Act. South Korea's crypto asset taxation framework was introduced in 2020 and has already been delayed three times. Should it not be postponed again, it is set to take effect in January 2027: annual income derived from the transfer and lending of crypto assets will be subject to a 22% comprehensive tax rate (combining other income tax and local income tax) after deducting a basic exemption of 2.5 million won. According to related Yonhap reports, the South Korean Presidential Office favors delaying the tax, potentially factoring in public sentiment among younger demographics.