South Korean Parliament Petition to Abolish Crypto Taxation Reaches 40,090 Signatures

According to the National Assembly website, a parliamentary petition to abolish digital asset taxation in South Korea reached 40,090 signatures on May 19, achieving 80% of the 50,000-signature threshold required for committee review. Approximately 10,000 additional signatures are needed to trigger full committee consideration. The cryptocurrency taxation policy, set to take effect on January 1, 2027, imposes a 20% tax rate (22% including local taxes) on gains from digital asset transfers and loans, with a 2.5 million won deduction limit.
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