[South Korea's Ruling Party Plans to Abolish Virtual Asset Tax, Holds Closed-Door Discussions with Five Major Exchanges] South Korea's ruling party, the People Power Party, plans to hold a closed-door meeting on March 25 at the Coinone headquarters with representatives from five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—as well as DAXA. The discussion will focus on abolishing the virtual asset taxation system originally scheduled to be implemented on January 2027, and will include hearing suggestions related to stablecoin issuance and second-phase legislation. Previously, the party's floor leader, Song Eon-seok, proposed abolishing the virtual asset income tax, arguing that continuing to impose taxes in the context of the repeal of the financial investment income tax raises issues of fairness and double taxation.