People Power Party lawmaker Kim Sang-hoon has proposed moving cryptocurrency taxation to 2029 from 2027, citing inadequate systems for tracking transactions on decentralized exchanges, peer-to-peer markets and DeFi (decentralized financial services on blockchain). The amendment to the Income Tax Act, proposed on Aug. 28, also points to delays in establishing an international system for sharing virtual-asset transaction data, which could leave overseas transactions difficult to verify for tax purposes. The measure raises to three the number of People Power Party-sponsored bills seeking to abolish or delay crypto taxation, including proposals from Kim Sang-hoon, Song Eon-seok and Jeong Seong-guk.