South Korea's ruling party to push scrapping virtual asset tax, hold closed-door meeting with top exchanges

South Korea's ruling People Power Party will hold a closed-door meeting on March 25 at Coinone's headquarters with representatives from the country's five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—along with DAXA, News1 reported. The session will focus on proposals to abolish the virtual asset taxation framework, which is slated to take effect in January 2027. The party also plans to collect industry input on regulatory preparations tied to stablecoin issuance and the second phase of virtual asset legislation. On March 19, the party's floor leader Song Yeonseok submitted an amendment to the Income Tax Act calling for the repeal of the virtual asset income tax. He argued that keeping a tax on virtual assets after the removal of the financial investment income tax raises fairness concerns and could amount to double taxation, and said policy consistency should be preserved.