A petition to abolish a tax on crypto assets in South Korea has garnered over 58,000 signatures and will be submitted to the National Assembly for review.

According to Odaily, a South Korean petition to abolish taxes on virtual assets (cryptocurrencies) has garnered 58,571 signatures. Under South Korean parliamentary law, the petition will be submitted to the committee for review at its first meeting after 30 days. Under current South Korean income tax law, starting January 1, 2027, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Virtual asset gains exceeding 2.5 million won (approximately US$1,800) will be subject to a comprehensive tax rate of 22%, including a 20% other income tax and a 2% local income tax. (Odaily)