South Korea remains divided over plans to tax cryptocurrency gains, with some lawmakers now pushing back against the ruling People Power Party’s approach to a 22% levy. A bill introduced by the People Power Party on Thursday seeks to amend the Income Tax Act and fully abolish the planned crypto tax. The existing framework would tax profits above 2.5 million won at rates of up to 22%, and implementation has already been postponed three times since its original planned start in 2022. Separately, the National Tax Service is preparing an AI-based crypto transaction tracking system scheduled for launch on January 1, 2027.