South Korea's Crypto Tax Plan Faces Backlash from Public and Lawmakers

South Korea's crypto tax plan has been put under scrutiny by lawmakers following a significant public backlash. A petition to abolish the tax on virtual assets, which was launched in late April, has collected over 53,000 signatures - exceeding the threshold required for discussion in the National Assembly.

The petitioners argue that taxing crypto assets will damage industrial competitiveness and lead to long-term losses, including contraction of the industry and outflow of capital and talent. They also claim that enforcing taxation before establishing necessary measures such as short-selling regulations and investor protection funds is premature.