Petition to Delay South Korea Crypto Tax by Two Years Reaches 48% of National Assembly Threshold

A public petition urging South Korea’s National Assembly to delay cryptocurrency taxation, currently set to take effect in 2027, by another two years has reached 48% of the support needed for review. A total of 24,052 people have signed the petition so far.

The National Assembly’s public petition website showed on Sept. 1 that 24,052 people had endorsed the petition, titled “Petition for a Two-Year Delay in Coin Taxation,” which was registered on Aug. 21. Signatures will be accepted through Sept. 20.

The petitioner argued that the government should push back crypto taxation by two years and first build out tax infrastructure for South Korea’s virtual-asset industry and individual investors.

The petition also cited the risk that investors and trading volume could move to overseas exchanges before the tax takes effect. That, it said, could cut revenue at domestic exchanges and reduce their corporate tax payments.

The petitioner argued that the fall in tax revenue caused by a contraction in the domestic industry could be larger than any increase in revenue from taxing crypto investment income.

“A delay does not mean taxes should not be collected,” the petitioner wrote. “After two years of improving the system and the industry, taxation should be implemented properly.”

Under the current schedule, taxes on crypto investment income are due to take effect in 2027. The petitioner said further improvements to the tax system and domestic market conditions are needed before implementation, given that investors would make their first filing and payment in May 2028.