Korean petition to abolish crypto asset tax garners over 58,000 supporters, to be submitted to the National Assembly for review

Odaily Planet Daily News A national petition in South Korea to "abolish virtual asset (cryptocurrency) taxation" has received 58,571 approvals. According to the South Korean National Assembly Act, after the relevant petition has been referred to the committee for 30 days, it will be submitted for review at the first meeting of the committee.

According to the current Income Tax Act of South Korea, starting from January 1, 2027, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Virtual asset gains exceeding 2.5 million Korean won (approximately $1,800) will be subject to a comprehensive tax rate of 22%, which includes a 20% other income tax and a 2% local income tax. (Edaily)