Survey shows South Koreans support crypto tax law

An viewpoint survey carried out by South Korean tv station YTN has actually revealed considerable support for the prepared cryptocurrency tax program in the nation.

According to a report by The Korea Herald, 53.7% of the 500 individuals surveyed by South Korea survey company Realmeter revealed support for the crypto tax law entering impact in January 2022.

However, participants in their 20s — the most active crypto trading age group in South Korea — were probably to oppose the cryptocurrency tax law. Figures put together by South Korean legislator Kwon Eun-hee reveal that an approximated 2.35 million crypto traders aged in between 20 and 29 have actually traded on the “big four” crypto exchanges in the nation: Bithumb, Upbit, Korbit and Coinone.

Details of the survey revealed 47.8% of participants in between the ages of 20 to 29 years protested the crypto tax strategy. Female individuals in the survey were likewise most likely to support the inbound tax law.

As formerly reported by Cointelegraph, the nation’s federal government is eager to continue with the tax law with finance minister Hong Nam-ki just recently calling the crypto tax program “inevitable.”

However, numerous cryptocurrency stakeholders in South Korea protest the imposition of taxes on virtual currencies. The law will see a 20% capital gains levy on trading earnings surpassing 2.5 million won (about $2,234).

Back in April, prime minister candidate Kim Boo-kyum assured to check out the crypto tax law amidst growing dissent amongst cryptocurrency market individuals in South Korea.

Indeed, the questionable cryptocurrency tax strategy has actually been the topic of petitions to the Blue House as critics have actually implicated the federal government of double requirements.

Taxes on virtual currency trading is just one of numerous crypto policies from South Korean authorities. In March, the Financial Services Commission changed its monetary reporting guidelines to consist of cryptocurrency organizations. The Commission has actually likewise advised its staff members to report their crypto holdings.