South Korean legislators are set to review the possible abolition of the crypto tax plan scheduled to take effect next year, after a national petition surpassed the required number of signatures.
On Thursday, the petition seeking to repeal the planned crypto tax reached the required 50,000 signatures at around 11:23 a.m. local time. This came eight days after the petition was submitted to the National Assembly.
Under the rules of South Korea's national petition program, the motion was referred to a legislative committee on Thursday.
In the motion, the anonymous petitioner argued that taxing gains from cryptocurrencies is unfair for investors, especially after South Korea abolished income taxes on traditional financial investments, such as stocks and bonds.
Fundamentally flawed
