Petition to Delay South Korea Crypto Tax by Two Years Tops 40,000 Signatures, Nears 50,000 Threshold

A public petition filed with South Korea’s National Assembly to delay virtual-asset taxation scheduled for 2027 by two years has attracted more than 40,000 signatures. It is now about 10,000 short of the 50,000 needed for the petition to formally advance.

As of Sept. 11, 40,363 people had signed the petition, titled “Petition for a Two-Year Delay to Coin Taxation,” according to the National Assembly’s public petition site. That is about 81% of the target, and the signature-collection period runs through Sept. 20.

The petitioner argued that crypto taxation should be postponed for two years so authorities can first establish the tax infrastructure needed for South Korea’s coin industry and individual investors. The petitioner added that the delay is not intended to avoid collecting taxes, but to ensure taxation is implemented properly after the system and industry are put in order.

The petition also cited the possibility of lower tax revenue stemming from a contraction in the domestic virtual-asset market. Investors are already leaving the crypto market, the petitioner wrote, leading to a sharp drop in exchange revenue and lower corporate tax receipts. The increase in personal income tax revenue from crypto taxation could end up being similar to the decline in corporate tax revenue, according to the petition.

The petitioner also pointed to fund outflows to overseas exchanges and the large share of younger investors in the market. Crypto-related funds are already leaving South Korea, the petition said. Given that about half of virtual-asset investors are in their 30s or younger, imposing the tax immediately would be unfair to younger investors.

Under the current schedule, virtual-asset taxation is set to begin in 2027. If the two-year delay proposed in the petition is adopted, implementation would be pushed back to 2029.

If the petition reaches 50,000 signatures by the Sept. 20 deadline, it will be referred to the relevant National Assembly committee for review. Whether it can meet that threshold in the remaining time is drawing attention.