South Korean lawmaker: Crypto tax severs wealth-building path for youth

People Power Party lawmaker Park Soo-young, who serves as the opposition secretary of the National Assembly's Finance and Economy Planning Committee, criticized the government's plan to tax virtual assets on May 7, arguing it would sever a key path for young people to build wealth. According to Edaily, Park made the remarks during a congratulatory address at an emergency forum on virtual asset taxation. "It is unfair to tax virtual assets while the financial investment income tax is being abolished," he said. Park also rebuked South Korea's National Tax Service, noting that after a meeting with the country's five major crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—it was clear the agency was not properly prepared to implement the tax.