South Korean Lawmaker Calls for Scrapping Virtual Asset Tax, Warns of Capital Flight

BitcoinWorld South Korean Lawmaker Calls for Scrapping Virtual Asset Tax, Warns of Capital Flight A South Korean lawmaker has publicly urged the government to abandon its planned taxation of virtual asset gains, arguing the policy unfairly targets cryptocurrency investors and could drive national wealth overseas.

Park Soo-young, a prominent political figure, made the call on his YouTube channel ‘Park Soo-young’s Economy TV’ on August 13, according to Digital Asset.

Park’s Argument Against the Tax Park criticized the proposed tax as punitive, noting that it would affect approximately 13 million digital asset users in South Korea.

He drew a sharp contrast between the government’s decision to abolish the financial investment income tax—a move intended to support the domestic stock market—and the simultaneous imposition of a heavy tax burden solely on virtual asset holders.