A South Korean petition demanding the abolition of the virtual asset tax has garnered over 50,000 signatures in just eight days, reaching the threshold for review by the National Assembly's standing committee. The proposed tax policy aims to impose a 22% tax, including local taxes, on virtual asset gains exceeding 2.5 million won (approximately $1,800) annually. Petitioners argue that this tax is unfair compared to the largely tax-exempt status of ordinary stock investment gains and highlight the inadequacies in the current tax system and investor protection mechanisms.