The South Korean People Power Party has proposed abolishing the 22% cryptocurrency tax scheduled to take effect next year.

Techub News reported, according to South Korean media Digital Asset, South Korea's largest opposition party, the People Power Party, has proposed a bill aimed at revising the income tax law to completely cancel the plan to tax cryptocurrency profits, which is set to take effect in 2027. South Korea currently plans to levy a tax of up to 22% on cryptocurrency trading profits exceeding 2.5 million won (approximately $1,665), including a 20% national income tax and a 2% local tax. Due to strong opposition from the industry and investors, South Korea has postponed the implementation of this tax regulation three times, with the original target date of 2022 being delayed. The National Tax Service of South Korea recently announced that they are developing an artificial intelligence-based system for tracking and analyzing cryptocurrency transactions, which will officially launch on January 1, 2027.