Impeachment Situation Causes Stalemate for Financial Investment Tax Abolition and Crypto Tax Postponement Bills

Following President Yoon Suk-yeol's declaration of martial law on the 3rd, the National Assembly's legislative review has effectively been halted, putting various economic and livelihood bills, such as the postponement of cryptocurrency taxation and the abolition of the financial investment tax, at risk of drifting.

According to industry sources on the 9th, a National Assembly Political Affairs Committee official stated that discussions on anything other than impeachment are virtually impossible. It is reported that the financial investment income tax abolition bill and the cryptocurrency tax postponement bill, which were pending in the Planning and Finance Committee's Tax Subcommittee, have also been pushed aside. If the National Assembly remains stalled until the end of the year and the related bills are not amended, the financial investment tax and cryptocurrency taxation are scheduled to be implemented as originally planned from next year.

Meanwhile, Lee Bok-hyun, the head of the Financial Supervisory Service, has stepped in to address concerns in the financial investment industry about the increased likelihood of capital market policies and bills drifting. On this day, Director Lee held a financial situation review meeting at the Financial Supervisory Service in Yeouido, Seoul, stating, "The regulatory advancement that the supervisory authorities have focused on must be consistently pursued without any wavering."

A Democratic Party official also stated, "The Democratic Party plans to abolish the financial investment tax as scheduled on the 10th. We will not reverse our stance on confirmed matters."