Over 50,000 Petition South Korea to Repeal 2027 Crypto Tax

A petition to abolish South Korea’s planned 22% tax on cryptocurrency gains has surpassed 50,000 signatures and was sent to the National Assembly’s Finance and Economic Planning Committee for review. Lodged on May 13, the petition crossed the 50,000 threshold on May 21 and now has 53,359 signatures.

The planned tax is written as a 20% levy on crypto gains, rising to 22% with local surcharges, and applies to gains above 2.5 million won. The measure is scheduled to take effect on Jan. 1, 2027.

Petitioners say the tax creates unequal treatment between investors after the government abandoned plans for a Financial Investment Income Tax on stock gains. They say high real estate prices make it hard for many young people to build assets and that some view cryptocurrencies as one of the few remaining investment options. “Virtual assets are perceived by some young people as effectively a last investment opportunity,” the petition reads.

The petition also cites a downturn in crypto markets and says investor protection measures are not sufficient to support the tax at this time.

South Korea has delayed implementing crypto taxation three times since it was first scheduled to begin in 2022. In March, People Power Party floor leader Song Eon-seok filed a bill to remove digital asset tax provisions from the Income Tax Act.

The Ministry of Economy and Finance has reaffirmed that the tax will take effect in January 2027. The Finance and Economic Planning Committee will review the petition as the next formal stage, and lawmakers and officials will consider the petition alongside existing legislative proposals and ministry statements.