Gate News reports that on March 23, the ruling party of South Korea, the People Power Party, will hold a closed-door meeting at the headquarters of a certain exchange with representatives from the five major cryptocurrency exchanges and the Korea Digital Asset Exchange Association (DAXA). The purpose of this meeting is to discuss the proposed abolition of the virtual asset tax system, originally scheduled to be implemented in January 2027, and to gather suggestions regarding stablecoin issuance and second-phase legislation preparations.
In terms of background, the party whip Song Yeon-sik proposed a “Partial Amendment to the Income Tax Act” on March 19, advocating for the abolition of virtual asset income tax. He argued that, given the abolition of financial investment income tax, continuing to tax virtual assets raises fairness and double taxation issues, and that the tax system should maintain consistency.
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