South Korean floor leader urges review of crypto tax plan

South Korean People Power Party floor leader Jung Jeom-sik said the government should reconsider its planned future response fund and its virtual asset, or digital asset, tax regime after meeting Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il at the National Assembly today, according to Yonhap Infomax. On virtual asset taxation set to take effect in January next year, Jung said the tax itself should not be rushed and should be delayed or scrapped. Jung added there are widespread concerns that a heavy-handed tax push would only trigger capital outflows to Hong Kong or Singapore, and urged the government to proceed cautiously as both ruling and opposition parties have proposed bills to delay or abolish the tax.