According to Digital Assets, the number of signatures on a Korean National Assembly petition calling for a two-year delay in taxing virtual assets (digital assets) has surpassed 32,000. The threshold for a petition to be formally submitted to a standing committee is 50,000 signatures; if an additional 18,000 signatures are collected by September 20, the petition will be officially forwarded for review. The petition argues that taxing digital assets will cause significant revenue declines for exchanges, leading to reduced corporate tax revenues. The government currently insists on implementing taxation as scheduled in January 2027, while the People Power Party opposes it, citing inadequate infrastructure and other concerns.
South Korean petition to delay virtual asset tax surpasses 32,000 signatures
TechFlowShare
Summary
A petition to delay South Korea’s digital asset transaction tax has surpassed 32,000 signatures, according to TechFlow. The goal is 50,000 signatures by September 20 to trigger a legislative review. Critics argue that the government’s crypto regulations will harm exchange profits and tax revenues. The tax is still scheduled for 2027, but the People Power Party opposes it, citing inadequate infrastructure.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.