Svmuu News: According to the South Korean news outlet Digital Asset, the right-wing People Power Party introduced a bill on Thursday aimed at amending the Income Tax Act to completely eliminate plans to tax cryptocurrency gains. The bill was proposed by the party’s floor leader, Song Yeon-seok. South Korea currently plans to impose a tax of up to 22% on cryptocurrency trading profits exceeding 2.5 million won (approximately $1,665), comprising 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, and the original target date of 2022 has been pushed back. The National Tax Service of South Korea recently announced that it is developing an AI-based system to track and analyze cryptocurrency transactions, which is scheduled to go live on January 1, 2027. The primary rationale behind the latest bill to abolish the cryptocurrency tax is to ensure fairness and equity in taxation across all types of investments. South Korea abolished a broader income tax on other financial investments, such as stocks, at the end of 2024, and critics argue that imposing income tax solely on cryptocurrency investors is unfair. (The Block)