'Don't kick away the ladder for youth wealth-building'

'Pushing ahead with tax means shifting all burden onto the public'

People Power Party lawmaker Park Soo-young. [Provided by the lawmaker's office]
People Power Party lawmaker Park Soo-young. [Provided by the lawmaker's office]

People Power Party lawmaker Park Soo-young called Wednesday for a two-year delay to the virtual asset tax set to take effect in January.

Park held a press conference at the National Assembly that afternoon, saying it was unfair to impose income tax on virtual assets while scrapping the financial investment income tax. "We must not kick away the ladder for youth wealth-building," she said.

Park also criticized the government's lack of preparation. "As confirmed during the national audit, the taxable base and revenue estimates are still unknown, and detailed taxation criteria have not been finalized," she said. "Even the taxation systems at the five major exchanges have not been completed."

She added that South Korea is the only major country without loss carryforward deductions and similar provisions, warning that the domestic virtual asset market is already contracting.

Park said the People Power Party has adopted abolition of the virtual asset tax as its official party position, and pressed the government to reconsider. "Pushing ahead with the virtual asset tax next year amounts to shifting all the burden onto the public," she said.

Jo Sang-hyeok, head of the virtual asset community "Bulgaemi Crypto," also attended the press conference and urged that the tax scheduled for January be delayed by two years, to January 2029.

Jo called for the two-year extension to be used productively. "In the first year, unfair taxation rules such as the lack of loss carryforward deductions should be reformed, and in the second year, exchanges should complete and verify their taxation systems based on finalized criteria," he said.

Jo said finalized criteria are essential before ordinary investors can prepare. "How can ordinary investors accurately calculate and report a virtual asset tax that even tax professionals find difficult?" he said. "The government must not pass the responsibility for its own lack of preparation onto the public."

Speaking to reporters after the press conference, Park said the People Power Party has consolidated its position in favor of delaying the virtual asset tax, but expressed uncertainty about the outcome. "The Democratic Party has not yet adopted it as its official position, so I cannot be sure what conclusion will be reached during the bill review process next month," she said.

She added that she hopes the ruling Democratic Party will also come to see the case for a delay. "I hope the appeals from young people will be heard, and that the ruling party will agree that a tax that is not ready and does not meet standards of fairness should be postponed so we can prepare more thoroughly," she said.

Asked about prospects for an agreement between negotiators from both parties, Park said talks would be attempted but the outcome was unclear.


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