A South Korean citizen has started a petition on the National Assembly’s official website, asking the government to delay taxing cryptocurrency gains.
The petition, filed on March 21, needs to gather 50,000 signatures by April 20 for local lawmakers to consider it. As of Tuesday afternoon in Asia, it has 10,888 signatures.
South Korean Investors Petition for Delay in Crypto Taxation
A petition submitted to the National Assembly expressed concerns about potential repercussions if crypto investors are taxed prematurely. The petition urged for a two-year postponement of taxation to allow thorough review and discussion. Currently scheduled for January 2025, the proposed tax implementation date was previously pushed back from January 2023.
The petition also called for increased oversight of the Digital Asset Exchange Alliance (DAXA), comprising South Korea’s top five exchanges. It raised questions about DAXA’s criteria for delisting cryptocurrencies, citing unclear judgment standards and the potential for arbitrary decisions.
South Korea: A Thriving Hub for Cryptocurrency Trading
South Korea boasts one of the largest and most vibrant cryptocurrency markets globally. Upbit, the country’s leading exchange, dominates the local market share and has facilitated an impressive $185 billion in trading volume throughout March alone. This staggering figure represents nearly 9% of the total exchange trading volume worldwide.
In recent months, the local crypto fever has intensified, fueled by the ongoing bull market cycle. According to reports, South Korean exchanges recorded a remarkable trading volume of 11.85 trillion Korean won ($8.8 billion) on March 11 alone, surpassing the trading volume of South Korea’s traditional KOSPI stock market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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