Rep. Song Urges Abolition of Crypto Tax Ahead of 2024 Implementation

Rep. Song Eun-seok of the People Power Party has argued that the upcoming January 2024 implementation of digital asset taxation should be abolished. With expected increases in tax revenue due to semiconductor industry growth, he believes tax cuts should take priority over new tax burdens. The lawmaker also cited considerations of tax fairness between digital assets and stocks, as well as concerns about capital flight abroad.

On Friday, Song posted on Facebook stating that 'digital asset income tax must be abolished' and emphasized the need to consider tax parity with stocks.