South Korea's ruling party plans to push for the early abolition of taxes on virtual assets and will hold a meeting with exchange representatives on March 25.

According to Foresight News and News1, South Korea's ruling People Power Party will hold a closed-door meeting on March 25 at Coinone headquarters with representatives from five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—as well as DAXA. The meeting aims to discuss a possible abolition of the virtual asset tax system, originally scheduled for implementation in January 2027, and to hear suggestions regarding stablecoin issuance and the second phase of legislation. Previously, on March 19, the party's whip, Song Eon-seok, proposed a partial amendment to the Income Tax Act to abolish the virtual asset income tax, arguing that continuing to tax virtual assets, given the abolition of the financial investment income tax, raises issues of fairness and double taxation, and that the tax system should maintain consistency.