According to a report by Seoul News on Wednesday, South Korea's ruling party intends to move forward with plans to tax cryptocurrency gains starting in early 2025 rather than approve further delays. Initially, a 20% tax on cryptocurrency gains (22% local tax) was originally scheduled to take effect on January 1, 2022. The plan has been postponed twice to January 1, 2025 due to backlash from investors and industry. However, the party is amending the plan, raising the tax-free limit for cryptocurrency gains below 2.50 million won ($1,795) to 50 million won ($35,919).