A petition to scrap South Korea's planned 22% crypto tax has crossed the 50,000 signature mark, forcing the National Assembly to formally consider the proposal. The tax is set to take effect in 2027, and critics argue it unfairly targets digital assets while other investments enjoy a much lower tax burden.
Petition crosses threshold
The petition, launched on the National Assembly's e-petition platform, reached 50,000 signatures this week. That's the magic number: once a petition hits it, the relevant committee has to review the request. Organizers are betting that public pressure can kill the levy before it ever takes effect.
The 2027 tax deadline
South Korea first floated a crypto tax years ago, then delayed it twice. The current plan imposes a 22% tax on digital asset gains above a certain threshold, starting January 2027. That's a hard deadline — unless the National Assembly changes the law before then.
Why critics say it's unfair
The core argument: other asset classes get a better deal. Stock gains, for instance, face a much lower tax rate in South Korea. Critics say the 22% crypto rate punishes retail investors and pushes trading offshore. The petition's backers want the tax scrapped entirely, not just delayed.
What the Assembly must do now
The petition heads to the National Assembly's relevant committee for review. There's no set timeline for a decision. But the 50,000-signature milestone puts the issue squarely on lawmakers' desks — and with the 2027 start date approaching, they'll have to decide soon whether to keep, amend, or kill the tax.
