[South Korea's Petition to Abolish 22% Crypto Tax Reaches 50,000 Signatures Threshold, To Be Submitted for Parliamentary Review] Odaily Planet Daily News: A petition in South Korea calling for the abolition of the 22% tax on crypto investment gains has reached the threshold of 50,000 signatures and will be submitted to the National Assembly's Finance and Economic Planning Committee for review. It is understood that this tax rate was originally scheduled to take effect in January 2027. The petitioners argue that the tax policy would increase the financial and reporting burden on investors and limit wealth growth opportunities for young people excluded from the real estate market due to rising housing prices. They also claim that imposing a 22% tax rate on crypto asset gains, while other asset classes enjoy more favorable tax treatment, could weaken South Korea's competitiveness in the global crypto market and lead to capital and talent outflows. Data shows that approximately 32% of South Korea's population currently holds cryptocurrency, but the local market is shrinking. The total value of crypto assets held by South Korean residents has dropped from approximately 121.8 trillion KRW in January 2025 to about 60.6 trillion KRW in February 2026. Additionally, the daily trading volume on the five major exchanges has decreased from $11.6 billion in December 2024 to $3 billion in February this year.