South Korea’s ruling Democratic Party has formally proposed postponing the country’s virtual-asset income tax by two years to 2029, marking its fourth delay. Democratic Party leader Kim Min-seok presented the proposal on Nov. 4, ahead of the tax’s scheduled Jan. 1, 2027, start. The party wants the Digital Asset Basic Act enacted first to establish an institutional framework and give companies and investors time to adjust. Under current law, profits above 2.5 million won would face a 20% tax and a 2% local levy. The party says preparations should continue during the deferral, including overseas transaction-data use, system verification, taxpayer guidance, simulations using real transaction data and development of an international crypto-tax information exchange system scheduled for 2029. A revision to the Income Tax Act is required, but passage appears relatively likely because both major parties support postponement. Finance Minister Lee Hyoung-il favors starting the tax on schedule, while DAXA supports a delay. Minor progressive parties have criticized the proposal as benefiting high-income or large virtual-asset investors without improving conditions for younger and working-class households.