According to Odaily, citing Edaily, South Korea’s national petition titled “Abolish the Tax on Virtual Assets (Cryptocurrencies)” has received 58,571 approvals. The petition focuses on South Korea’s planned tax treatment for virtual assets and calls for the abolition of the relevant tax framework.
Petition to Move Into Committee Review
Under South Korea’s National Assembly Act, a petition referred to a committee will be submitted for review at the committee’s first meeting after 30 days have passed from the referral date. With the petition gaining more than 58,000 approvals, it is set to enter the National Assembly’s review process in accordance with the applicable parliamentary procedure.
Under South Korea’s current Income Tax Act, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax starting January 1, 2027. Virtual asset gains exceeding 2.5 million won, approximately $1,800, will be subject to a combined tax rate of 22%, consisting of a 20% other income tax and a 2% local income tax.