South Korea Crypto Tax Cancellation Petition Surpasses 50,000 Signatures on May 22

According to Cointelegraph, a petition demanding cancellation of South Korea's 22% crypto investment gains tax surpassed 50,000 signatures on May 22, meeting the threshold required for National Assembly's Finance and Economy Committee to review the petition. The tax is scheduled to take effect in January 2027.

South Korea is a major crypto hub in the Asia-Pacific region, with about 32% of the population holding crypto assets as of March 2025, though holdings have declined this year due to price pressure.

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