Park Soo-young, a lawmaker from South Korea's People Power Party, has urged the government to immediately withdraw its plan to tax virtual asset gains, saying the proposal endangers 13 million digital asset users. Park criticized the plan's rationale, which she said threatens a 「tax bomb」 for those who do not invest in domestic stocks. She argued that the tax would not lead people to invest in Korean stocks; instead, it would accelerate the outflow of national wealth. Citing data, she noted that approximately 124 trillion won had flowed into overseas digital asset exchanges from January to September last year. The lawmaker's comments came as Seoul weighs how to tax cryptocurrency profits amid concerns over capital flight and investor protection.
Park Soo-young, a lawmaker from South Korea's People Power Party, has called for the immediate withdrawal of the government's plan to tax virtual asset gains. The lawmaker criticized the proposal for threatening 13 million digital asset users with a 「tax bomb」 if they do not invest in domestic stocks.
Park said the levy would not encourage investment in domestic equities but would instead accelerate the outflow of national wealth. Park also noted that about 124 trillion won flowed into overseas digital asset exchanges between January and September last year.
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