South Korean lawmaker Park Soo-young has called for the government to withdraw its planned 22% tax on virtual asset gains before the levy takes effect on Jan. 1, 2027, arguing that the policy unfairly targets roughly 13 million crypto users while investment taxes on domestic stocks have been scrapped.
Summary
- South Korean lawmaker Park Soo-young has called for the planned 22% crypto gains tax to be withdrawn.
- The tax is scheduled to take effect on Jan. 1, 2027, with an annual deduction of 2.5 million won.
- Park said the tax could push more Korean capital to overseas crypto exchanges.
- The People Power Party has also proposed abolishing or delaying the tax.