South Korea investors seek fourth crypto tax delay as government holds firm

Over 50,000 citizens have signed a petition asking lawmakers to postpone South Korea’s crypto income tax by two more years. 

The petition has passed the required number of signatures for a parliamentary review, but for now, the government levy is still set to be imposed in January 2027.

Why do South Korean citizens reject the crypto income tax? 

Citizens filed an appeal against South Korea’s incoming crypto income tax on the National Assembly’s electronic petition portal on August 21. The petition had gathered 51,004 signatures by the morning of September 14, which was about three weeks. 

Typically, appeals that gather above 50,000 verified signatures within 30 days are automatically sent to the relevant standing committee, in this case, the National Assembly’s Strategy and Finance Committee, which handles income tax law.

However, this referral does not force a change. The committee can only consider both the petitioner’s case and the government’s position to decide if a law needs amending. 

There was an earlier attempt in May to get rid of the tax completely instead of just postpone it that hit 50,000 signatures in eight days, was referred, and then went nowhere.

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