According to Edaily, the national petition to abolish the virtual asset tax in South Korea has been approved by 58571 people. According to the National Assembly Law, the petition should be submitted for review at the first committee meeting held after 30 days of transfer to the committee. According to the current income tax law, starting from January 1st next year, income from the transfer or borrowing of virtual assets will be classified as other income and subject to income tax. Virtual asset income exceeding 2.5 million Korean won (approximately 1800 US dollars) will be subject to a total tax rate of 22%.