South Korea's ruling party plans to abolish virtual asset tax and will discuss it behind closed doors with five major crypto exchanges

According to News1, South Korea's ruling National Power Party will hold a closed-door symposium with representatives of the five major cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, Gopax and DAXA at the Coinone headquarters. The purpose of this meeting is to discuss the abolition plan for the virtual asset taxation system originally scheduled to be implemented in January 2027, and to hear relevant suggestions on the issuance of stablecoins and the preparation of the second-stage legislation. Previously, on March 19, the party's whip Song Yanxi proposed a "partial amendment to the Income Tax Law" to abolish the income tax on virtual assets, arguing that it is fair to continue to tax virtual assets in the context of the abolition of financial investment income tax. and double taxation issues, the consistency of the taxation system should be maintained.