South Korean People Power Party lawmaker Park Soo-young has called for the government to scrap its planned tax on virtual-asset investment income, arguing the measure unfairly targets digital-asset users after the financial investment income tax was repealed to support the domestic stock market. Park said the tax would do little to channel money into local equities and could instead accelerate capital outflows to overseas crypto markets, citing about 124 trillion won, or $89.9 billion, sent to foreign exchanges from January through September last year. He also criticized the absence of a loss carryforward provision, saying investors would be unable to deduct losses in later tax periods even though the government would tax gains. South Korea first planned to impose a 20% tax on crypto gains in 2022, but implementation has been delayed multiple times amid market volatility and industry pushback. Under current law, taxation of virtual-asset investment income is due to begin on Jan. 1, 2027, with gains above an annual 2.5 million won deduction taxed at 20%, or 22% including local income tax. The government has said it will proceed with crypto taxation as planned next year, though some members of the ruling People Power Party are calling for the levy to be abolished or delayed again.