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South Korea Reviews Plan to Scrap 22% Crypto Tax After Petition

South Korea’s National Assembly is set to review a proposal to scrap the country’s planned 22% crypto tax after a public petition gained enough signatures to trigger formal consideration, putting one of Asia’s most closely watched digital asset tax policies back in question.

Why the 22% crypto tax is back under review

A public petition submitted through South Korea’s National Assembly petition system called for the elimination of the planned 22% tax on cryptocurrency gains. The petition, filed on the Assembly’s official petition platform, gathered sufficient public support to require lawmakers to formally consider the request.

The tax, which has been repeatedly delayed since it was first proposed, would apply to crypto profits exceeding a set threshold. South Korean media outlet Donga Ilbo reported on the renewed legislative attention the petition has generated.

It is important to distinguish between the Assembly agreeing to review the proposal and an actual policy reversal. A formal review does not guarantee the tax will be scrapped. Lawmakers must evaluate the petition and decide whether to advance legislation that would cancel or further delay the tax.

What scrapping the tax could mean for investors

If the Assembly ultimately votes to eliminate the 22% levy, South Korean crypto investors would avoid a significant new tax burden on trading profits. South Korea has one of the world’s most active retail crypto trading populations, and tax policy has been a persistent source of uncertainty for local market participants.

Until the review produces a formal outcome, policy uncertainty remains. Investors and crypto businesses operating in South Korea face an unclear timeline on whether the tax will take effect, be delayed again, or be permanently removed. This is particularly relevant as governments worldwide continue to define their regulatory and fiscal approaches to digital assets, including efforts like major crypto firms preparing for public listings and new legislative proposals around Bitcoin’s strategic role.

South Korea’s evolving crypto policy stance

The petition-driven review highlights the political weight of public sentiment in South Korea’s crypto policymaking. Public petitions have become a recurring mechanism for citizens to push back on proposed digital asset regulations, and lawmakers have shown sensitivity to these campaigns.

South Korea has taken an increasingly active role in crypto oversight, from exchange registration requirements to investor protection rules. The tax debate sits at the center of a broader question: whether the country’s regulatory framework will prioritize revenue collection or market growth. As other jurisdictions experiment with different approaches, including new trading infrastructure from companies like MoonPay, South Korea’s decision could influence regional policy trends.

The next concrete step is the Assembly’s formal review of the petition. No timeline for a final decision has been announced.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.