A petition to abolish taxation on virtual assets in South Korea has gained significant traction, amassing 58,571 signatures, well above the 50,000 required to advance. The petition is set to be reviewed by the National Assembly’s Committee on Strategy and Finance. Under current plans, South Korea intends to implement a 22% tax on virtual asset income exceeding 2.5 million Korean won (approximately USD 1,800) starting January 1, 2025. The committee must deliberate on the petition at its first meeting held at least 30 days after referral.