[South Korea's Virtual Asset Tax Abolition Petition Gains 58,571 Signatures, Set to Be Submitted for Parliamentary Review] According to a report by Edaily, South Korea's national petition for the 'Abolition of Virtual Asset (Cryptocurrency) Taxation' has garnered 58,571 signatures. As per parliamentary law, the petition must be submitted for review at the first committee meeting convened after 30 days of being transferred to the committee. Under the current income tax law, starting January 1 next year, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Virtual asset income exceeding 2.5 million KRW (approximately $1,800) will be subject to a total tax rate of 22%, which includes other income tax (20%) and local income tax (2%).