People Power Party lawmaker Choi Eun-seok sponsored an amendment to South Korea’s Income Tax Act on Oct. 27 that would delay taxation on virtual-asset investment income until Jan. 1, 2029. Under current law, income from transferring or lending virtual assets is scheduled to face a 20% tax from January 2027 after an annual deduction of 2.5 million won. The bill would raise the basic deduction and minimum taxable threshold to 50 million won and allow verified net investment losses to offset virtual-asset income for the following five years. Choi cited tax fairness with domestic listed stocks, virtual assets’ price volatility and weaknesses in collecting transaction data, particularly for overseas exchanges and private wallets.