South Korea’s crypto tax delay petition surpasses 50,000 signatures, forcing legislative review

More than 50,000 South Korean crypto investors have signed a national petition demanding the government delay its planned virtual asset income tax by two years. That signature count crosses the threshold required to force the country’s National Assembly to formally review the proposal. The petition, titled “Petition for a Two-Year Deferral of Coin Taxation,” asks lawmakers to push the tax start date from January 1, 2027, to 2029. It accumulated roughly 51,000 signatures between late August and September 13-14, hitting the magic number in about three weeks. The petition is now expected to land on the desk of the Strategy and Finance Committee for assessment. What the tax actually looks like South Korea’s planned crypto tax carries a combined rate of 22%, split between a 20% national levy and a 2% local tax. It applies to annual virtual asset gains exceeding 2.5 million won, which translates to roughly $1,650 to $1,800. Petition signers argue the infrastructure needed to actually enforce the tax properly doesn’t exist yet. Decentralized transaction tracking systems remain inadequate, and investor protections haven’t caught up to the ambition of the tax code. Their concern is straight...