South Korea to review scrapping crypto tax plan after national petition hits 50,000 signatures
The Block
South Korean lawmakers will review a petition to repeal a planned crypto tax after it reached 50,000 signatures.Summary
South Korean legislators are set to review a potential repeal of a planned cryptocurrency tax after a national petition secured 50,000 signatures in just eight days. The petitioner argues that taxing crypto gains is unfair compared to traditional financial investments and criticizes the government for prioritizing tax revenue over market innovation and investor protection. While the National Tax Service previously intended to proceed with the 22% tax on gains exceeding 2.5 million Korean won, the petition's success mandates a formal review by a legislative committee.
(Source：The Block)