South Korea floor leader calls for review of crypto tax plan

South Korean People Power Party floor leader Jung Jeom-sik urged the government to reconsider its planned response fund and virtual asset tax regime after meeting Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il at the National Assembly. Jung expressed concerns over the virtual asset taxation set to take effect in January next year, stating that the tax should not be rushed and should be delayed or scrapped. He highlighted fears that a stringent tax approach could lead to capital outflows to Hong Kong or Singapore, and called for caution as both ruling and opposition parties have proposed bills to delay or abolish the tax.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.