South Korea parties weigh scrapping 2027 crypto tax after $110B moved offshore

South Korea’s People Power Party has filed a bill to remove digital asset taxation from the Income Tax Act, targeting full repeal of the crypto tax scheduled for 2027. The opposition Democratic Party, which holds a National Assembly majority, is reviewing the proposal after an estimated $110 billion reportedly left local exchanges amid a planned 22% levy on gains above 2.5 million won (about $1,781).