Petition to repeal South Korean crypto tax surpasses 50,000 signatures

A petition on the South Korean National Assembly's website calling for the repeal of virtual asset taxes has gathered over 50,000 signatures, meeting the threshold for it to be officially referred to a parliamentary committee for review. The petition, which was posted on May 13, met the requirement in about eight days. The petitioner argued that the current crypto tax system requires a fundamental review rather than simple amendments or another postponement. They stressed that imposing taxes without a sufficient institutional foundation, investor protection measures, and consideration for international equity and market conditions would likely only burden the public and hinder the industry's growth.