A petition in South Korea to abolish the planned crypto tax has surpassed 52,000 signatures, mandating a formal review by the National Assembly. The proposed tax framework would impose a 22% tax on crypto gains exceeding 2.5 million won, approximately $1,650 to $2,000. This development comes as the petition quickly gathered support, reflecting investor dissatisfaction ahead of the tax's scheduled implementation in January 2027. The petition highlights concerns over the disparity between crypto and traditional stock tax thresholds, with stock investors enjoying a much higher exemption. It argues that the current framework unfairly targets smaller crypto traders and lacks adequate investor protections. Despite regulatory pressures, South Korea remains a significant player in the crypto market, with platforms like Upbit reporting over 13 million users.