More than 51,000 South Korean investors signed a petition requesting a two-year delay for the implementation of a crypto tax. The document, which gathered the required signatures in three weeks, will now be reviewed by the National Assembly's Strategy and Finance Committee.
The proposed tax includes a 20% national levy and a 2% local tax, totaling 22%. It applies to annual gains exceeding ₩2.5 million. The current plan schedules the tax to take effect on January 1, 2027, with the petition seeking to postpone this date to 2029.
Supporters of the petition argue that the necessary infrastructure for tracking decentralized transactions is currently inadequate. They warn that the tax could lead to market contraction and capital flight, as investors may move assets to jurisdictions with more favorable tax policies.
This is the second time in 2026 that a petition regarding crypto taxation has reached the 50,000-signature threshold. In May, a separate initiative called for the complete repeal of the tax. Despite these efforts, the nominee for deputy prime minister intends to proceed as planned.
