A South Korean national petition calling for the cancellation of virtual asset taxation is expected to be submitted soon to the National Assembly’s Strategy and Finance Committee for discussion. According to Foresight News, Edaily reported that the petition received 58,571 endorsements, meeting the 50,000-signature threshold.

Under South Korea’s National Assembly Act, once a petition has been transferred to the relevant committee and 30 days have passed, it must be placed for review at the committee’s first meeting held thereafter.

South Korea’s current plan is to begin taxing virtual asset income starting January 1 next year, applying a combined 22% tax rate on income exceeding 2.5 million won.

The report said the government and the ruling party still favor implementing the tax on schedule, but calls to cancel or revisit the plan are growing.