A public petition submitted to South Korea’s National Assembly to postpone planned virtual-asset taxation has gathered more than 40,000 signatures, bringing it closer to the level required for formal review.

As of Sept. 11, the petition had 40,363 signatures. That leaves it roughly 10,000 short of the 50,000-signature threshold needed for the proposal to advance within the Assembly’s petition process.

Push to move the tax start date to 2029

The petition, titled “Petition for a Two-Year Delay to Coin Taxation,” calls for a two-year postponement of crypto taxation currently scheduled to begin in 2027. If that request were accepted, implementation would shift to 2029.

According to the petitioner, the goal is not to avoid taxation altogether. Instead, the argument is that authorities need additional time to prepare the tax framework needed for South Korea’s virtual-asset industry and for individual investors who would be affected by the rules.

Arguments focus on infrastructure and market conditions

The petition says a delay is needed so taxation can be introduced only after the necessary systems and industry arrangements are in place. In the petitioner’s view, rolling out the tax before that preparation is complete risks creating implementation problems rather than improving tax collection.

It also argues that a weaker domestic crypto market could reduce the expected fiscal benefit. The petitioner claims investors are already leaving the market, hurting exchange revenue and, in turn, lowering corporate tax receipts. Under that view, any rise in personal income tax revenue from crypto trading could end up resembling the decline in corporate tax revenue tied to a market slowdown.

Concerns over outflows and younger investors

Another point raised in the petition is that crypto-related funds are already moving to overseas exchanges. The petitioner argues that this trend could worsen if taxation begins under the current schedule.

The petition also points to the age profile of the market, saying roughly half of virtual-asset investors are in their 30s or younger. Based on that, the petitioner contends that immediate implementation would be unfair to younger participants in the market.

What happens if the signature target is reached

The petition must reach 50,000 signatures by Sept. 20 to move to the next stage. If it clears that bar, it will be referred to the relevant National Assembly committee for review.

For now, attention is on whether the campaign can gather the remaining support before the deadline. Reaching the threshold would not itself change the tax schedule, but it would formally send the issue into the Assembly review process.

Source: en.bloomingbit.io