South Korea Opposition Moves to Abolish Crypto Tax Amid $110B Capital Flight

South Korea is not just delaying its crypto tax anymore. It wants to kill it entirely. The People Power Party has introduced a bill to strike digital asset taxation from the Income Tax Act completely, ahead of its rescheduled 2027 implementation. The opposition Democratic Party, which holds the legislative majority and previously only agreed to a delay, is now reviewing full abolition. The reason is hard to ignore. $110 billion in capital flight. Traders moved funds offshore specifically to escape the p ...