Svmuu News: A South Korean national petition to “abolish taxes on virtual assets (cryptocurrency)” has garnered 58,571 signatures. According to South Korea’s National Assembly Act, the petition will be submitted for deliberation at the committee’s first meeting 30 days after it is referred to the committee. Under South Korea’s current Income Tax Act, starting January 1, 2027, gains from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Gains from virtual assets exceeding 2.5 million won (approximately $1,800) will be subject to a 22% combined tax rate, comprising a 20% national income tax and a 2% local income tax. (Edaily)