More than 58,000 people in South Korea support abolishing virtual asset taxation; the petition may be submitted to the National Assembly for review.

Foresight News reported, according to Edaily, that a national petition in South Korea calling for the cancellation of virtual asset taxation is expected to be submitted soon to the National Assembly’s Strategy and Finance Committee for discussion. The petition ultimately received the support of 58,571 people, surpassing the 50,000-person threshold; according to South Korea’s National Assembly Act, relevant petitions must be submitted for review at the first committee meeting convened after 30 days from transfer to the committee. The current plan in South Korea is to impose a total tax rate of 22% on virtual asset income exceeding 2.5 million Korean won (approximately 1,800 US dollars) starting January 1 of next year. The report states that the government and ruling party still tend to adhere to the scheduled taxation, but calls for cancellation or reconsideration are on the rise.