South Korea's largest opposition party, the People Power Party, has proposed a bill to completely abolish the cryptocurrency gains tax originally scheduled to be implemented in 2027. Previously, South Korea was set to impose a 22% tax on cryptocurrency asset gains exceeding 2.5 million Korean won (approximately $1,865) starting in 2025, which includes a 20% national income tax and 2% local tax. Additionally, the bill cited guidance from the U.S. SEC classifying most cryptocurrencies as commodities, arguing that cryptocurrency assets should not be treated equivalently to securities. (TheBlock)