South Korean lawmaker Park urges repeal of virtual asset tax plan

South Korean lawmaker Park Soo-young called for the withdrawal of a plan to tax virtual asset gains, saying it amounted to pressuring investors to put money into domestic stocks or face a heavy tax burden, Digital Asset reported. On his YouTube channel "Park Soo-young's Economy TV" on Aug. 13, Park said he wanted authorities to immediately scrap what he described as a punitive tax plan targeting 13 million digital asset users. He said abolishing the financial investment income tax in the name of supporting the domestic stock market while imposing punitive taxes only on digital assets was effectively a threat to investors who chose not to invest in local equities, and added that such a policy would not revive the domestic stock market but would instead accelerate the outflow of national wealth to overseas markets.