Over 58,000 South Koreans Support Abolishing Taxation on Virtual Assets; Petition May Proceed to National Assembly Review

TechFlow News, June 21: According to Edaily, a national petition calling for the abolition of virtual asset taxation in South Korea is expected to be submitted shortly for discussion at the National Assembly’s Committee on Strategy and Finance. The petition has garnered 58,571 signatures, surpassing the required threshold of 50,000. Under South Korea’s National Assembly Act, once a petition is referred to a committee, it must be placed on the agenda for deliberation at the committee’s first meeting held no later than 30 days after referral. Under current plans, South Korea will impose a combined tax rate of 22% on virtual asset income exceeding 2.5 million Korean won (approximately USD 1,800), effective January 1, 2024.