A petition to scrap a 22% tax on crypto investment gains in South Korea reached the 50,000-signature threshold required for the country’s Finance and Economic Planning Committee to review objections to the new tax regime.

The 22% tax, set to take effect in January 2027, imposes financial and reporting “burdens” on investors, while also limiting upward mobility for younger individuals, who are locked out of housing markets due to skyrocketing real estate prices, according to the petition.

The petition now has more than 52,000 signatures. Source: South Korea Assembly

The petition also said that taxing crypto gains at 22%, while giving other asset classes preferential tax treatment, undermines South Korea’s share of the crypto market….