South Korea's cryptocurrency tax extension petition meets review threshold

South Korea's petition to postpone cryptocurrency tax meets parliamentary review threshold

A petition calling for a two-year postponement of South Korea's original cryptocurrency tax plan has received a sufficient number of signatures to meet procedural criteria for submission to a parliamentary committee for review. The milestone has put pressure on lawmakers to review the request, although it has not changed the substance of the Income Tax Act that still stipulates that taxes will begin in 2027.

Petition Progress and Data Verification

According to Bloomingbit, the document titled "Petition to Dedicate Coin Taxation for Two Years" reached 50,000 signatures on September 13, 2026, meeting the 100% approval rating required for submission to a parliamentary committee. The media's statistics are roll calls; the official real-time count on the National Parliament Portal cannot be independently verified due to the linked petition pages returning HTTP 404 errors during the study.

• Number of petition signatures reported: Bloomingbit reported on September 13, 2026 that there were 50,000 signatures, meeting the required threshold for parliamentary committee review. Official real-time counts and completed transfers are not independently verified.

South Korea's National Assembly stipulates that public consent petitions must collect 50,000 signatures within 30 days to be eligible for committee review. According to reports, the petition now meets that standard. Achieving this goal is the specific result established in this article, and has no other meaning.

Significance and Limitations of Milestones

Crossing the signature line means requests to defer taxes are eligible for parliamentary review; but this is not a vote, a hearing, or a change to the tax code itself. According to reports, the milestone means lawmakers are now obligated to accept the petition, but does not mean they have agreed to delay the collection. The momentum was rapid: According to early Bloomingbit data, the number of signatures on September 11, 2026 was 40,363 (accounting for 81% of the threshold), and the 50,000 mark was exceeded two days later. The petition began on August 21 and had to reach the threshold by September 20, so the goal was completed about seven days early.

Changes that the proposed two-year extension will bring

The petition requires lawmakers to postpone cryptocurrency taxation for two years, starting in 2027, to 2029. This is the petitioners 'request, not an implemented policy; it is reported that the Income Tax Law is still scheduled to be launched in 2027.

• Proposed cryptocurrency tax extension: According to Bloomingbit reports, the petition seeks to postpone the start time from the reported 2027 to 2029. Meeting the signature threshold does not in itself change the law; no extensions have been verified that have been implemented.

The Korea Times reported on August 28, 2026 that the proposed framework applies a 22% tax rate to annual virtual asset transaction or borrowing income exceeding 2.5 million won. If the tax takes effect as planned, the first tax return will be made in May 2028.

Bloomingbit reported that petitioners attributed the extension of the request to concerns that the tax infrastructure was not yet complete, money could flow to overseas exchanges, and the domestic market could shrink; these were arguments in the petition, not measured results. At the same time, broader regulatory tightening is also underway, including new reporting rules for overseas cryptocurrency accounts and civil forfeiture provisions for cryptocurrency assets that will take effect on October 1.

Meaning of meeting the parliamentary review threshold

Crossing the threshold qualifies the petition for committee level review; it does not amend the Income Tax Act and does not commit any legislators to support a 2029 date. Approval of the extension is a separate legislative step, and the milestone of this report does not establish this.

• Review Eligibility and Tax Law Approval: Another parallel legislative track already exists: The Korea Times reported on a bill introduced by Senator Chung Sung Wook on August 10 seeking a three-year extension to January 1, 2030, which is different from the two-year extension of this petition. Any committee referral, hearing date, or amendment passed must be confirmed against official parliamentary records before it can be considered scheduled or completed.

The domestic background is that market activity is increasingly sluggish. Trading volume on the South Korean exchange fell 89% year-on-year to approximately US$305 million. This contraction adds political weight to the petition's argument that markets are shrinking, although a causal relationship with the tax timetable has not yet been established.

Follow-up Focus

The next specific triggers are the status of the official petition on the national parliament portal, any committee referral notices, and whether lawmakers will advance the petition or a competing three-year extension bill to a vote before the 2027 start date. As of publication, none of these steps had been confirmed.

• Parliament Status and Tax Schedule: Petition records, number of signatures and independent confirmation of completion of transfers are still missing; the official details page returned a 404 error and the portal appears only as a JavaScript shell. Bitcoin, as a broad market proxy (no single asset is mentioned here), was trading at nearly US$76,663 as of UTC on September 14, 2026, down approximately 0.7% in 24 hours. There is no established connection between this snapshot and the South Korean petition.

FAQs: South Korea cryptocurrency tax extension petition

What does South Korea cryptocurrency petition request?

requested a two-year postponement of the country's planned cryptocurrency tax and change the starting date for reporting from 2027 to 2029.

What milestone did the petition reach?

The petition reportedly reached the parliamentary review threshold of 50,000 signatures on September 13, 2026, according to Bloomingbit; the official real-time count has not been independently verified.

Has South Korea approved a two-year cryptocurrency tax extension?

No. Meeting the petition review threshold qualifies it for committee review and no approval has been established; no extensions implemented have been verified.

Does the petition establish a new cryptocurrency tax start date?

No. The reported milestone does not change the law or set a new implementation date; unless revised, the 2027 launch date remains unchanged.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Before making a decision, be sure to study it yourself.