South Korean Petition to Repeal Crypto Tax Reaches 50,000 Signatures, Triggers Legislative Review on May 22

According to The Block, a petition seeking to repeal South Korea's planned crypto tax reached the required 50,000 signatures on Thursday (May 22) at around 11:23 a.m. local time, eight days after submission to the National Assembly. The motion was automatically referred to a legislative committee for review under South Korea's national petition program rules.

South Korea is scheduled to implement a 22% tax on crypto income exceeding 2.5 million Korean won ($1,650) threshold starting next year. The petitioner argued the tax is unfair to investors, particularly since South Korea abolished income taxes on traditional financial investments like stocks and bonds. This marks the third delay for the crypto tax program, which has faced persistent controversy over fairness and implementation readiness.