[Petition to Abolish South Korea's Cryptocurrency Tax Surpasses 50,000 Signatures] According to Cointelegraph, a South Korean petition demanding the cancellation of the 22% tax on cryptocurrency investment gains has surpassed the 50,000-signature threshold required for review by the National Assembly's Finance and Economy Committee. The tax is set to take effect in January 2027. The petition argues that the 22% tax rate imposes financial and reporting burdens on investors while limiting upward mobility for younger generations who have been priced out of the housing market due to high real estate costs. It also points out that taxing cryptocurrency gains at 22% while other asset classes enjoy tax benefits will weaken South Korea's share in the cryptocurrency market. Short-term tax revenue could lead to long-term industry contraction, as well as capital and talent outflows. South Korea is a major cryptocurrency hub in the Asia-Pacific region, with approximately 32% of the population owning cryptocurrencies as of March 2025. However, ownership rates have declined this year due to price pressures.