TechFlow News, March 23: According to News1, South Korea’s ruling party, the People Power Party, will hold a closed-door consultation meeting on March 25 at Coinone’s headquarters with representatives from the five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—as well as the Digital Asset Exchange Association (DAXA). The meeting aims to discuss abolishing the virtual asset taxation system originally scheduled to take effect in January 2027, and to solicit recommendations regarding stablecoin issuance and institutional preparations for the second phase of related legislation. Previously, on March 19, the party’s floor leader, Song Yeon-seok, submitted the “Partial Amendment to the Income Tax Act,” proposing the abolition of the virtual asset income tax. He argued that, given the prior abolition of the financial investment income tax, continuing to tax virtual assets raises issues of fairness and double taxation, and that tax system consistency must be maintained.
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