South Korea's virtual asset tax extension petition in Congress surpasses 32,000

According to "Digital Assets," the number of signatures for the petition in the South Korean National Assembly to postpone the taxation of virtual assets by 2 years has exceeded 32,000. The threshold for the National Assembly petition is 50,000 signatures, and if an additional 18,000 signatures are collected before September 20, the petition will be formally submitted for review by the relevant standing committee.

The reason for the petition is that taxing digital assets will lead to a significant decline in exchange revenues, which in turn will result in a decrease in corporate tax revenue. Currently, the government insists on implementing the taxation normally starting in January 2027, while the People Power Party opposes it, citing reasons such as inadequate infrastructure.