The ruling party of South Korea plans to abolish the virtual asset tax and will hold closed-door discussions with the five major cryptocurrency exchanges

According to News1, the ruling party in South Korea, the People Power Party, will hold a closed-door meeting at the Coinone headquarters with representatives from the five major cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, Gopax, and DAXA.

The purpose of this meeting is to discuss proposals for the abolition of the virtual asset tax system originally scheduled to be implemented in January 2027, and to hear relevant suggestions regarding the issuance of stablecoins and the preparation of the second phase of legislation.

Previously, the party whip Song Yeon-sik proposed on March 19 the "Partial Amendment to the Income Tax Act" to abolish the virtual asset income tax, arguing that in the context of the abolition of the financial investment income tax, continuing to tax virtual assets raises issues of fairness and double taxation, and that consistency in the tax system should be maintained.