South Korea's petition to abolish virtual asset tax gains 58,571 signatures, to be submitted to National Assembly for review

CoinFeed, June 21 - According to Edaily, South Korea's national petition to abolish the virtual asset (cryptocurrency) tax has garnered 58,571 signatures. Under the National Assembly Act, the petition will be submitted for review at the first committee meeting held after 30 days from its referral to the committee. Under the current Income Tax Act, starting January 1 next year, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Virtual asset income exceeding 2.5 million won (approximately $1,800) will be subject to a total tax rate of 22%, including other income tax (20%) and local income tax (2%).