South Korean petition to scrap crypto tax tops 5,000 signatures

A petition posted to South Korea's National Assembly e-petition system on May 13 calling for the abolition of virtual asset taxation has garnered over 5,000 signatures. The petitioner argued that the current tax system requires a fundamental review rather than simple adjustments or delays. The petition cites several issues with the current framework, including inequity compared to the stock market, a disconnect from the reality of a prolonged market downturn, and concerns that it could limit wealth-building opportunities for young people. It also highlights a structural flaw where taxes could be levied even as investors are recovering from losses, and warns of a potential market shock if the tax is implemented. The petitioner stressed that premature taxation without adequate institutional foundations, investor protections, and consideration for international standards and market conditions would likely burden the public and stifle the industry. Under the National Assembly's rules, if a petition receives more than 50,000 signatures, the speaker must refer it to the relevant committee to consider legislative amendments and other procedural steps.