Petition Against Mandatory Reporting of Virtual Asset Personal Wallets Surpasses 50,000 Signatures

A petition against the mandatory reporting of virtual asset (cryptocurrency) personal wallets has met the requirements for referral to each committee of the National Assembly.

According to the National Assembly Electronic Petition website on the 24th (KST), the petition titled 'Opposition to the mandatory reporting of virtual asset personal wallets, which allows the government to monitor assets within 24 hours, proposed by the Democratic Party,' received more than 50,000 consents within 30 days, meeting the requirements for referral to each committee of the National Assembly.

The petition opposes the 'mandatory reporting of virtual asset personal wallets' included in the inheritance tax bill proposed by Democratic Party lawmaker Ando Geol. The petitioner stated, "The bill exploits the characteristic of blockchain technology that allows anyone to view transactions and asset status, enabling the government to monitor and control private property 24/7," and strongly urged the government to "respect individual property rights and privacy and redesign policies to promote the development of innovative industries."

Previously, in October last year, Democratic Party lawmaker Ando Geol proposed a partial amendment to the Inheritance and Gift Tax Act, which included such content. According to the amendment, personal wallet holders are required to report their identity information, such as name and address, and the total amount of virtual assets held annually. Failure to report or underreporting of balances will result in a fine of up to 20% of the unreported amount.