South Korea's ruling People Power Party is pursuing fresh efforts to delay the country's planned tax on virtual-asset investment income, but the government says implementation will proceed on Jan. 1, 2027. Kim Sang-hoon plans an amendment to the Income Tax Act that would postpone the tax to January 2029, while Jeong Seong-guk has proposed a separate bill to delay it to January 2030. Under current law, income from the transfer or lending of virtual assets will be taxed as miscellaneous income from January 2027, with annual gains above 2.5 million won, or about $1,800, subject to a 22% rate including local income tax. The issue has resurfaced after South Korea already postponed crypto taxation three times, first to 2023, then 2025, and later 2027. Unless another delay bill passes the National Assembly this year, taxation will begin as scheduled on Jan. 1, 2027. Deputy Prime Minister Koo Yun-cheol, who also serves as finance minister, has told lawmakers the system should be implemented first and revised later if needed. Tax authorities are moving ahead with technical preparations. The National Tax Service has formed a 12-member advisory panel to draft a public notice on digital-asset taxation standards, with a first meeting set for Aug. 24 and guidelines planned as early as October. The notice is expected to cover acquisition-cost calculations and the tax treatment of staking, airdrops, hard forks and token swaps. Investor criticism centers on the lack of loss carryforwards and on whether taxation should begin before stronger investor-protection rules are in place. Under the current framework, gains and losses can be offset within the same tax year, but losses from prior years cannot be carried forward, meaning investors may owe tax after merely recovering earlier losses. Some investors also question why the government is pressing ahead before a Digital Asset Basic Act is enacted, though others say repeated delays have made further postponement harder to justify.