Petition against cryptocurrency mining in South Korea gathers enough signatures

A petition opposing South Korea’s plan to impose a 22% tax on gains from digital asset trading has gathered over 50,000 signatures, according to Zamin.uz.

This figure represents the minimum threshold required for the Ministry of Finance and Economic Planning to formally review objections to the new regulation, which has sparked significant debate among investors.

The proposed tax is expected to take effect in January 2027. Petitioners argue that the change would create both financial and administrative burdens for investors.

At the same time, real estate prices in the country are rising sharply, while the cryptocurrency market remains one of the few accessible avenues for younger generations to grow their savings and increase their wealth—a point emphasized in the petition. To date, over 52,000 citizens have supported the initiative.

The appeal notes that while favorable tax treatment applies to other asset classes, imposing high taxes on Bitcoin and digital assets could negatively affect South Korea’s position in the global market. According to data, as of spring 2025, 32% of the population owned digital assets, though this figure has declined significantly following a subsequent price drop.

Industry analysts report that the total value of crypto assets held by South Koreans has nearly halved over the past year, and daily trading volumes on major exchanges have sharply declined, indicating cautious behavior among market participants.

Furthermore, strict rules proposed by financial regulators—such as the automatic flagging of foreign transfers as suspicious—are also driving investors away, drawing strong criticism from industry representatives.

This situation has further strained dialogue between the government and the investor community.