South Korea's Virtual Asset Tax Abolition Petition Reaches 58,571 Signatures, Headed to Parliament

According to Edaily, South Korea's petition to abolish virtual asset taxes has gathered 58,571 signatures and will be submitted to Parliament for review following procedural requirements.

Under current income tax law, virtual asset transfer and lending income will be classified as miscellaneous income starting January 1, 2027, subject to a combined 22% tax rate (20% income tax and 2% local income tax) on gains exceeding 2.5 million won (approximately $1,800).