South Korea crypto tax delay petition reaches review threshold

A public petition in South Korea seeking a two-year delay to the scheduled cryptocurrency tax has reached the 50,000-signature threshold required for review by the National Assembly. The petition, titled “Petition on a Two-Year Delay to Coin Taxation,” argues that the country currently lacks sufficient systems to accurately calculate gains across private wallets, overseas platforms, and domestic exchanges.

Under current plans, South Korea intends to tax qualifying digital asset gains at a combined rate of 22%—comprising a 20% national rate and a 2% local income tax—starting January 1, 2027. The tax would apply to annual gains exceeding 2.5 million won.

While reaching the signature milestone obligates lawmakers to refer the petition to a relevant standing committee for deliberation, it does not automatically amend the Income Tax Act or postpone the effective date of the tax. Tax authorities are continuing preparations for the 2027 implementation.