Woofun AI reports that a public petition advocating for the abolition of cryptocurrency taxation in South Korea has accumulated 58,571 approvals. This threshold triggers a procedural requirement for the document to be submitted to the relevant committee for deliberation within thirty days of referral. Under the current Income Tax Act framework, income derived from the transfer or lending of virtual assets will be reclassified as 'other income' effective January 1, 2027. Consequently, virtual asset gains exceeding 2.5 million Korean won (approximately $1,800) will be subject to a comprehensive tax rate of 22%, comprising a 20% national income tax and a 2% local income tax.