South Korea forced to review crypto tax repeal after petition hits 50,000 signatures in 8 days!

South Korean legislators must now formally review a motion to scrap the country's planned crypto tax, after a national petition surpassed the required 50,000 signatures in just eight days. The petition was referred to a legislative committee on Thursday, triggering a mandatory review process under the National Assembly's petition rules.

The anonymous petitioner argued the 22% tax on crypto gains exceeding 2.5 million won ($1,650) is fundamentally unfair — particularly given that South Korea has already abolished income taxes on traditional financial instruments like stocks and bonds. The motion frames the issue as more than a tax-rate debate: "It is fundamentally a question of how the government views and plans to nurture the future of the financial industry and digital assets."

The crypto tax plan has already been delayed three times due to fairness concerns and underdeveloped…