South Korean Petition Urges Tax Delay Amid Cryptocurrency Frenzy
A South Korean citizen has initiated a petition on the National Assembly’s official website urging the government to postpone the taxation of cryptocurrency gains.
Submitted on March 21, the petition requires 50,000 signatures by April 20 to prompt legislative review, with 10,888 signatures gathered as of Tuesday afternoon. Concerns about potential investor exodus to overseas exchanges prompted the plea for a two-year delay, pushing the tax implementation from January 2025 to 2027. Additionally, the petition called for increased oversight of the Digital Asset Exchange Alliance (DAXA), expressing uncertainty about its criteria for delisting cryptocurrencies.
South Korea boasts a robust cryptocurrency market, with Upbit alone processing $185 billion in trading volume in March, reflecting nearly 9% of global exchange trading volume. The local crypto frenzy has surged amid recent bullish market trends, with reports indicating cryptocurrency trading volumes surpassing those of the South Korean stock market.
Clever Robot News Desk 27th March 2024
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