The Korea Times
A planned taxation on digital assets set to take effect next year is facing growing backlash from crypto investors, who warn the measure could weaken Korea's digital asset market. According to the National Assembly's online petition portal, a petition calling for the abolition of the planned crypto tax had gathered more than 45,000 signatures as of 3 p.m., Wednesday, within a week of being posted on May 13. If the number surpasses 50,000 by June 12, the proposal will be referred to a parliamentary committee for review. Under the current tax law, gains from the transfer or lending of virtual assets will become taxable starting Jan. 1, 2027. Profits exceeding 2.5 million won ($1,650) will be taxed at 22 percent, including local taxes, with the first filings scheduled for May 2028. The measures were originally set to take effect in January 2025, but was delayed by two years following a bipartisan agreement reached in December 2024. Korea is estimated to have around 13 million virtual asset investors, making the country one of the world's largest retail crypto markets. Critics argue the move t
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