South Korean Lawmaker Says Scrap the Crypto Tax, Don't Just Delay It Again

South Korean opposition lawmaker Song Eon-seok wants the country's planned crypto gains tax dead, not postponed. Rather than pushing the levy back again, he argued it should be scrapped outright, saying the plan would confuse and burden investors, according to tokenpost.com.

Song's central complaint is fairness. He pointed to the gap in how the tax system would treat crypto gains versus gains from domestic stocks, which would be exempt. Two very different outcomes for two kinds of investing, he noted.

He also flagged practical headaches. Identifying overseas transaction data is difficult, and so is pinning down the original purchase price of crypto holdings. Those gaps, in his view, would pile on more confusion and more burden for everyday investors.

The tax itself is a 22% levy, currently set to kick in on Jan. 1, 2027. The government and the ruling party said earlier this month they want to postpone it to 2029 — which would be the fourth time the deadline slips.

That delay debate is exactly what Song is pushing back against. For him, another postponement keeps investors guessing instead of settling the question.