A South Korean petition demanding the repeal of a planned cryptocurrency tax set to take effect in 2027 has reached the 50,000 signature threshold, prompting its submission to the National Assembly's Legislative Committee for review. The proposed tax would impose a 22% levy on crypto income exceeding 2.5 million won (approximately $1,650). This plan has faced delays three times due to debates over fairness and infrastructure inadequacies. Petitioners argue that taxing crypto gains is unfair to investors, especially after South Korea abolished taxes on traditional financial investments like stocks and bonds. They claim the current policy overly emphasizes regulation and taxation, neglecting the innovation and competitiveness of the domestic crypto industry.