South Korea’s Petition to Abolish Crypto Asset Tax Gains Over 58,000 Supporters, to Be Submitted to the National Assembly for Review

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

According to the current Income Tax Act of South Korea, starting 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)