TechFlow news, a South Korean citizen has submitted a petition on the official website of the country's legislative body, the National Assembly, calling for the government to postpone taxation on cryptocurrency gains.
If the petition, filed on March 21, gathers 50,000 signatures by April 20, local lawmakers will be required to review the issue. As of Tuesday afternoon, it had collected 10,888 signatures across Asia.
The petition states: "If the country begins taxing investors without adequate preparation, there are concerns that cryptocurrency investors will mass-exit to overseas exchanges. Please delay the tax for two years, thoroughly examine the anticipated issues, and discuss taxation at a later date."
South Korea's cryptocurrency capital gains tax is currently scheduled to take effect in January 2025, having already been postponed once from its original start date of January 1, 2023. A further two-year delay would push the implementation to 2027.
