Noh Woong-rae, a member of Due south Korea's National Associates and a representative of the country'southward ruling party, reportedly plans to postpone a bill clarifying the tax of crypto until 2023.

According to a Thursday study from Naver News, Noh said the Democratic Political party of Korea plans to push back against the intention of South Korea's Ministry building of Finance to tax virtual assets starting in 2022. According to the South Korean lawmaker, information technology's currently also difficult to secure information to be used for taxes on crypto exchanges and through P2P transactions.

"In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an choice, simply an inevitable situation," said the South Korean lawmaker.

Noh said his party intended to piece of work with fellow representatives to constitute legislation on the taxation of crypto through the National Assembly rather than the Ministry of Finance, claiming to do otherwise would "undermine trust in the regime" and "encourage tax evasion." Finance government minister Hong Nam-ki said in Apr the government planned to revenue enhancement capital gains from crypto trading starting next twelvemonth.

Related: New rules could permit Korean gov't to seize tax evaders' crypto

The discussion between South Korean lawmakers on digital assets has been ongoing. Concluding year, representatives planned to impose a twenty% upper-case letter gains taxation on crypto trading for annual gains of more than 2.5 meg won — roughly $2,126 at the fourth dimension of publication — starting in Oct 2022. Nevertheless, the legislature near recently delayed the adoption of a crypto income revenue enhancement rule to Jan. 1, 2022.