[South Korean Ruling Party Lawmaker Calls for Delaying Crypto Taxation, Government Insists on Timely Implementation] Odaily Planet Daily News – Min Byung-deok, a senior member of the Policy Committee of South Korea's ruling Democratic Party, stated that crypto taxation should only begin after the enactment of the 'Basic Law on Digital Assets.' He argued that it is inappropriate to initiate taxation before foundational legislation is established. He pointed out issues such as difficulties in tracking income from overseas trading platforms and the inability to carry forward investment losses, reflecting that the conditions for tax administration are not yet mature. The South Korean government, however, remains firm on implementing the virtual asset income tax as scheduled. Finance Minister Lee Kyung-eui stated that the current tax law stipulates taxation on virtual asset income starting next year. Approximately 85% of investors hold positions worth less than 5 million Korean won, and after deducting the basic tax exemption of 2.5 million Korean won, most investors will either not need to pay taxes or face relatively low tax burdens. Under the current rules, income from the transfer or lending of virtual assets is taxed at an annual net income rate of 20%, with losses not allowed to be carried forward. The actual tax filing and payment window is expected to open in May 2028.