50k people petition to halt the bill, opposition parties bet on complete abolition before 2027. Song Eun-sik is right: stock investors should get the same treatment, crypto should get the same treatment, the fairness bottom line must not be broken.

Crypto World News reports that South Korea may cancel the planned 22% cryptocurrency tax due to increasing public opposition. The tax would apply to crypto gains exceeding 2.5 million won annually (approximately $1,650). A public petition against the tax has gathered over 50k signatures, prompting the National Assembly to formally review the proposal. The main opposition party has introduced a bill calling for the complete abolition of digital asset taxes before it takes effect in 2027. PPP lawmaker Song Eun-sik believes that the current proposal is less fair to crypto investors compared to traditional stock traders and could lead to double taxation. Legislators warn that tracking overseas crypto transactions and calculating the costs of acquiring foreign platform users could pose significant challenges for tax authorities. Supporters of canceling the tax also worry that the policy might push crypto traders and investment capital abroad, weakening South Korea’s position in the global digital asset industry.