South Korean opposition party calls for review of virtual asset taxation, urging postponement or abolition of crypto tax set for January next year

PANews reported on September 30, citing Yonhap News Agency, that Kwon Seong-dong, floor leader of South Korea's People Power Party (the country's largest opposition party), said the government needs to re-examine the plan to establish a "Future Response Fund" funded by excess tax revenue, as well as the taxation system for virtual assets (digital assets). Kwon Seong-dong said excess tax revenue is temporary in nature, while spending, once increased, is difficult to cut, so reducing the tax burden on the public should be prioritized. Regarding the virtual asset taxation scheduled for implementation in January next year, he called for postponement or abolition, saying that forced taxation could lead to capital flowing to places such as Hong Kong and Singapore.