South Korean lawmaker Jeong Seong-guk of the People Power Party has proposed amending the Income Tax Act to delay taxation of virtual asset income to Jan. 1, 2030 from the currently scheduled start date, while the National Tax Service moves ahead with detailed rules for a Jan. 1, 2027 implementation under existing law. The NTS plans a first advisory panel meeting on Aug. 24 and an October administrative notice to address acquisition-cost calculations and tax treatment for staking, airdrops, hard forks, token swaps and other complex transactions. Under the current framework, gains from virtual asset transfers and lending above 2.5 million won a year would be taxed as miscellaneous income at a combined 22%, but lawmakers, investors and industry participants continue to dispute the low deduction threshold, the lack of loss carryforwards, secrecy around the rule-drafting process and whether investor protections and enforcement standards are sufficiently developed.