South Korea Petition to Abolish Crypto Tax Clears 50,000-Signature Threshold for National Assembly Review

A public petition to South Korea’s National Assembly calling for the abolition of taxes on virtual assets, or cryptocurrencies, has surpassed 50,000 signatures, meeting the threshold for referral to a relevant parliamentary standing committee.

According to the National Assembly’s electronic petition website on May 21, the petition, titled "Petition on the Abolition of Virtual Asset Taxation," had topped 50,000 signatures as of that day. It met the threshold for referral to the Assembly about eight days after being posted on May 13.

Under the National Assembly’s public consent petition system, a petition that gathers at least 50,000 signatures within 30 days of being posted is automatically referred to the relevant standing committee.

The petitioner wrote that the current virtual-asset tax system requires a fundamental review rather than minor revisions or another delay. Rushing to impose taxes before investor protection measures, institutional foundations and international parity are fully in place could increase the public burden and hurt the industry, the petitioner added.