South Korean investors petition to further delay cryptocurrency tax

According to TechFlow news, a South Korean citizen posted a petition on the official website of the National Assembly, the country’s legislative body, asking the South Korean government to postpone taxes on cryptocurrency gains.

If the petition filed on March 21 has 50,000 signers by April 20, local lawmakers will need to review the topic. The group now has 10,888 signatures in Asia as of Tuesday afternoon.

The petition states: “There are fears of a mass exodus of cryptocurrency investors to overseas exchanges if the country begins taxing investors without adequate preparation. Please hold off for two years and thoroughly review the anticipated issues later.” Let’s discuss taxes again.”

The country’s cryptocurrency gains tax is currently scheduled to take effect in January 2025, following an initial start date of January 1, 2023. A delay of two more years would push the start of the tax program to 2027.