People Power Party leader says crypto tax is unfair, raises double taxation concerns

Song Eon-seok, floor leader of the People Power Party, has criticized the South Korean government's plan to tax income from virtual assets starting in January 2027, arguing the policy is unfair and inconsistent with U.S. policy, Edaily reported. During a meeting with the heads of the country's five largest crypto exchanges, Song said there is a widespread view that it is inequitable to proceed with the crypto tax while the financial investment income tax is being abolished. He also noted that since South Korea already imposes a value-added tax (VAT) by treating virtual assets as commodities, adding an income tax could create issues of double taxation.