50k people petitioning shows it really hurt retail investors.

A petition in South Korea requests the cancellation of the 22% cryptocurrency investment income tax, which has already surpassed 50k signatures and is now under review by the Finance Committee, with plans to take effect in January 2027. The petition states that the tax rate increases the burden on investors and complicates reporting, affecting young homebuyers' upward mobility; compared to other asset taxes and benefits, it could weaken South Korea's share in the crypto market. In the short term, the tax burden may lead to industry contraction and capital outflows. South Korea is a major crypto hub in Asia-Pacific, with approximately 32% of the population holding cryptocurrencies in March 2025, but the holding rate has declined due to price pressures.