Net asset inflows to South Korea’s five largest cryptocurrency exchanges fell 56.8% year over year to 2.05 trillion won ($1.49 billion) from January through August, compared with 4.74 trillion won ($3.43 billion) a year earlier. Won deposits at Upbit, Bithumb, Coinone, Korbit and Gopax declined 32.3% to 5.2 trillion won ($3.77 billion) in August from 7.69 trillion won ($5.57 billion) in January. Meanwhile, net outflows from Korbit and Gopax to overseas exchanges rose 74.2% to 480.2 billion won ($348 million), from 275.7 billion won ($200 million) a year earlier. Stablecoin-linked assets on domestic exchanges increased 28.7% to 604.6 billion won ($438 million), while their share of won deposits rose to 11.6% from 6.1%. The shifts come before South Korea’s planned virtual-asset tax, which the government intends to introduce in January after three delays. The tax would apply a 22% rate to annual crypto income above a 2.5 million won ($1,810) basic deduction, although a direct link between the levy and fund movements has not been confirmed. The People Power Party supports abolishing the tax, while some Democratic Party lawmakers favor delaying implementation and adding provisions such as tax-loss carryforwards. Detailed reporting standards are still being prepared, and separate tax-revenue estimates have not been secured.