South Korea Lawmaker Plans Three-Year Delay for Virtual Asset Income Tax

South Korean People Power Party lawmaker Jung Sung-guk plans to introduce a bill to delay the implementation of the virtual asset income tax by three years, from January 1, 2027 to January 1, 2030. According to ChainCatcher, he said the delay would allow a full review of related systems, including virtual asset taxation, and help provide safeguards, improve taxpayer expectations, and prevent confusion.Under current rules, income from virtual asset transfers or lending will be classified as other income and taxed starting January 1 next year. Profits above 2.5 million won a year would be taxed at 22%, including a 20% other income tax and a 2% local income tax. The People Power Party has opposed the tax and is seeking to advance legislation that it says would protect investors in the virtual asset market amid public criticism over recent stock market volatility and surging real estate prices.