Opposition Decides to Raise Virtual Asset Deduction to 50 Million Won... Han Dong-hoon Says "2-Year Grace Period Needed"

"Democratic Party, Declaring War on 8 Million Investors and Youth"
"Youth Asset Formation Needs Deferral for Tax Fairness"

Han Dong-hoon, leader of the People Power Party, reiterated his previous stance that virtual asset taxation should be deferred for two years, in response to the Democratic Party of Korea's decision not to postpone taxation on virtual assets and to raise the deduction limit to 50 million won.

Handonghun, leader of the People Power Party, is speaking at the "Emergency Policy Forum on the Inauguration of the Second Trump Administration and Strengthening the Korea-US Alliance and Trade Diplomacy" held at the National Assembly on the 19th. Photo by Kim Hyunmin

On the 20th, Han wrote on his social media, "The Democratic Party opposes the government and ruling party's policy to defer virtual asset taxation and plans to pass a bill raising the deduction limit to 50 million won," adding, "If our party attempts to defer taxation, they are pressuring us by threatening to implement the original stronger deduction limit of 2.5 million won."

He added, "The Democratic Party is mistaken. This is not a fight against the People Power Party or the government, but a fight against 8 million investors and young people."

Han explained, "The reason we decided to defer virtual asset taxation for two years is, first, because many young people invest in virtual assets, so we want to reduce their burden and support asset formation," and "second, due to the unique nature of virtual assets, it may be difficult to implement fair taxation under the current legal framework and preparation status, so many improvements are needed."

Furthermore, Han emphasized, "We stood on the side of public opinion and succeeded in abolishing the financial investment income tax (FIIT)," and "We will do the same this time."