A petition demanding the abolition of South Korea's cryptocurrency tax has surpassed 50,000 signatures.

CoinFeed reported on May 22 that, according to Cointelegraph, a petition in South Korea demanding the abolition of the 22% tax on cryptocurrency investment gains has surpassed the 50,000 signature threshold, reaching the quorum required for the National Assembly's Finance and Economic Committee to consider dissent. The tax is scheduled to take effect in January 2027. The petition argues that the 22% tax rate imposes financial and reporting burdens on investors, while also limiting upward mobility for young people squeezed out of the housing market by high prices. The petition further points out that imposing a 22% tax on cryptocurrency gains while other asset classes enjoy tax breaks will weaken South Korea's share of the cryptocurrency market, potentially leading to long-term industry contraction and capital and talent outflows in the short term. South Korea is a major cryptocurrency hub in the Asia-Pacific region, with approximately 32% of its population owning cryptocurrency in March 2025, although this percentage has declined this year due to price pressures.