South Korea's crypto tax plan, set to take effect in 2027, is under review after a petition against it surpassed 50,000 signatures, triggering a formal examination by the National Assembly. The petition, which calls for the abolition of the tax, argues that it is unfair and could harm the industry by prioritizing revenue over competitiveness. The proposed tax would impose up to a 22% levy on crypto gains exceeding 2.5 million won annually. The Finance, Economy and Planning Committee will now decide whether to advance the petition to a plenary session. Meanwhile, the People Power Party has proposed an amendment to remove crypto taxation from the Income Tax Act, citing concerns over fairness and consistency. Despite these efforts, the National Tax Service is preparing to implement the tax, gathering exchange data and developing an AI system to track crypto gains, indicating a commitment to the 2027 timeline.