[South Korea's Largest Opposition Party Proposes Abolishing 2027 Cryptocurrency Income Tax Plan] On March 19, South Korea's largest opposition party, the People Power Party, submitted a bill to the National Assembly proposing the abolition of the cryptocurrency income tax plan originally scheduled to take effect on January 1, 2027. The bill was spearheaded by the party's floor leader, Song Eon-seok. Under the current plan, South Korea intends to impose a maximum tax rate of 22% on cryptocurrency transaction gains exceeding 2.5 million won (approximately $1,665), which includes 20% national income tax and 2% local tax. The proponents of the proposal argue that it is unfair to tax only cryptocurrency investors, especially since South Korea plans to abolish income taxes on gains from traditional financial investments like stocks by the end of 2024. They also cited recent guidance from the U.S. Securities and Exchange Commission, asserting that cryptocurrencies should not be treated the same as securities.