Kwon Seong-dong, floor leader of South Korea's People Power Party, has urged the government to postpone or abolish the virtual asset taxation scheduled for implementation next January. He warned that enforcing the tax could trigger capital flight to competing jurisdictions such as Hong Kong and Singapore.
Kwon also called for a review of the planned "Future Response Fund," which would be financed by excess tax revenue. He argued that surplus revenue is temporary while increased spending is difficult to reverse, suggesting that reducing the overall tax burden on the public should take priority over new fiscal programs.
South Korea Opposition Leader Calls for Postponement or Abolition of Crypto Tax
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