#openledger $OPEN ๐ฅ๐ฅ Petition in South Korea regarding the tax on cryptocurrencies in the country.
๐ฅThe said petition was filed on the national assemblyโs petition website in May 2026.
It stated that the tax on virtual assets was unfair and it must either be repealed or completely revised.
๐ฅSome important aspects related to the petition are:๐ฅ๐ฅ
๐ฅThe government in South Korea plans to levy tax on cryptocurrency earnings from January 2027 onwards. According to the proposal, the tax will be 22% of the virtual asset income in excess of 2.5 million won (US$1,800).
๐ฅAccording to the supporters of the petition, cryptocurrency owners are getting less favorable treatment than stock owners since:
losses cannot be carried forward,
the exemption level is not high enough,
and investorsโ protections are not adequate
โญPetition supporters are further cautioning that this tax may result in traders going overseas as well as adversely affect the local cryptocurrency market.
โญAs per reports, more than 40,000 signatures have been garnered by the petition in a matter of days.
๐ฅ Under the parliament rules of South Korea, all petitions that gather more than 50,000 signatures within 30.๐ฅ๐ฅ
$BTC $ETH #SouthKoreaCrypto #Postondefi #postontradifi #Southkoreacryptopetition