South Korea's People Power Party adopts repeal of crypto tax as official stance

South Korea's People Power Party has decided to make repealing the planned income tax on virtual assets its official party platform, The Korea Economic Daily reported. The tax is scheduled to take effect next year. Lawmakers from the party cited several issues with the tax, including fairness, logical inconsistencies, potential double taxation, and the need to foster the digital asset industry. People Power Party lawmaker Park Soo-young said the party has not yet heard the ruling Democratic Party's position on the repeal and hopes it will clarify its stance before tax subcommittee discussions. Kim Eun-hye, the party's senior deputy floor leader, added that a second phase of legislation is just as important as the tax issue. She noted that while her party is ready to negotiate, discussions have not progressed due to the lack of a unified proposal, and called for a more proactive attitude from the government and the Democratic Party.