Korean Petition to Abolish Crypto Asset Tax Gains Support from Over 58,000 People, Will Be Submitted to the National Assembly for Deliberation

Odaily Planet Daily News: A national petition in South Korea to "abolish the taxation of virtual assets (cryptocurrency)" has garnered the approval of 58,571 people. According to South Korea's National Assembly Act, after the relevant petition has been transferred to a committee for 30 days, it will be submitted for deliberation at the committee's first meeting.

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 KRW (approximately $1,800) will be subject to a comprehensive tax rate of 22%, which includes a 20% tax on other income and a 2% local income tax. (Edaily)