A petition demanding the abolition of South Korea’s 22% cryptocurrency tax has exceeded 50,000 signatures.
It now heads to the National Assembly’s Financial and Economic Planning Committee for review. The petition was filed on May 13, and passed the threshold on May 21. It now holds 53,359 signatures.
The cryptocurrency tax is scheduled to take effect in 2027
South Korea imposes 20% tax on cryptocurrencies, rising to 22% With local surchargesgoes into effect on January 1, 2027. The law applies to winnings exceeding 2.5 million won.
The petitioner says it is unfair for South Korea to eliminate the financial investment income tax (which would have resulted in this). Taxable stock gains) but is still moving forward with taxing cryptocurrency gains.
They claim this creates inequality Among investors, it hurts young people trying to build wealth, ignores the current downturn in the cryptocurrency market, and lacks…appropriate Infrastructure for investor protection.
“Due to rising property prices, asset building for young people is becoming increasingly difficult. In a reality where purchasing homes is impossible without accumulated assets, some young people view virtual assets as a last-ditch investment opportunity. If an additional tax burden is added in this case, asset building opportunities for young people may decline even further.” Petition He reads.
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South Korea has delayed the implementation of cryptocurrency taxes three times since its original start date in 2022. This petition is part of ongoing public pressure to repeal it entirely instead of just delaying it again.
Meanwhile, in March, People Power Party leader Song Eun-seok introduced a bill to repeal all provisions related to digital assets. Taxes included in current Income tax law.
Despite this, the Ministry of Economy and Finance in public It was reaffirmed this month that the tax would begin in January 2027. That’s the wall this petition faces, and it was submitted just days before the petition was filed.
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this post Over 50,000 South Koreans sign petition to block 2027 cryptocurrency tax appeared first on BeInCrypto.
