South Korea's ruling People Power Party is set to discuss the potential abolition of the virtual asset tax in a closed-door meeting on March 25. The meeting, to be held at Coinone's headquarters, will include representatives from major cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax, along with DAXA. The discussions will focus on proposals to eliminate the virtual asset taxation system, initially planned for implementation in January 2027, and will also address regulatory measures for stablecoin issuance and further legislative phases. The move follows a proposed amendment to the Income Tax Act submitted by the party's whip, Song Yeon-seok, on March 19. The amendment argues against the continuation of virtual asset income tax, citing concerns over fairness and double taxation, especially after the removal of financial investment income tax. The party emphasizes the need for consistency in the tax system.