Park Soo-young Warns That One or Two Exchanges May Fail Due to Next Year's Cryptocurrency Taxation

Park Soo-young, a member of the National Assembly from the People Power Party, warned that one or two exchanges could fail due to cryptocurrency taxation next year. Appearing on TV Chosun's YouTube channel 'Newstradamus' on the 7th, Rep. Park stated, "When the taxation takes effect on January 1st next year, the market will become even more depressed, and one or two of the top five exchanges may go bankrupt." He pointed out that there are equity issues with digital asset taxation compared to stock investments, asking, "Why do we have to pay taxes on digital assets when there are cases where profits from stock investments are not taxed?" He also mentioned the potential contraction of the domestic digital asset market, stating, "The net inflow of digital assets coming into domestic exchanges from overseas is decreasing." Rep. Park argued that the information collection and exchange systems necessary for taxation are not sufficiently established, emphasizing that "to implement taxation from January 1st next year, a system that can identify individual acquisition costs and profits and losses at the top five exchanges is needed."

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