South Korea's Cryptocurrency Tax Faces Growing Opposition

The South Korean government's planned cryptocurrency tax has faced growing opposition from citizens and lawmakers alike. A petition launched earlier this month has gathered over 52,000 signatures, exceeding the threshold that forces the country's parliament to formally review the issue.

Under South Korea's petition system, a number of signatories triggers a mandatory referral to the Finance and Economic Planning Committee for formal consideration. This means lawmakers must now sit down and discuss the tax, whether they want to or not.