South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023. The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million KRW, or about $2100 USD. International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s National Assembly, intends to pass a bill postponing the crypto tax law by the end of October. But the party faces an uphill battle to pass the bill in the face of Hong’s opposition, as it holds only a slim majority.