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More than half of those polled supported South Korea’s contentious crypto tax legislation.
An opinion poll commissioned by South Korean television station YTN revealed strong support for the country’s proposed cryptocurrency tax regime.
According to The Korea Herald, 53.7 percent of the 500 respondents surveyed by South Korean polling firm Realmeter supported the crypto tax rule, which is set to go into force in January 2022.
Respondents in their 20s, however, the most involved crypto trading age group in South Korea, were the most likely to criticise the cryptocurrency tax rule. According to data collected by South Korean lawmaker Kwon Eun-hee, an estimated 2.35 million crypto traders aged 20 to 29 have exchanged on the country’s “big four” crypto exchanges: Bithumb, Upbit, Korbit, and Coinone.
According to the survey results, 47.8 percent of respondents aged 20 to 29 were opposed to the crypto tax package. Female survey respondents were also more likely to favour the new tax legislation.
The country’s government is eager to go on with the tax code, as previously noted by Cointelegraph, with finance minister Hong Nam-ki recently calling the crypto tax system “inevitable.”
Several blockchain owners in South Korea, though, are opposed to the implementation of taxation on digital currencies. The statute imposes a 20% capital gains tax on trade income above 2.5 million won (approximately $2,234).
In April, Kim Boo-kyum, South Korea’s prime minister candidate, vowed to look into the crypto tax law in response to growing discontent among cryptocurrency industry participants in the country.
Indeed, the contentious cryptocurrency tax scheme has been the subject of requests to the Blue House, with opponents accusing the government of hypocrisy.
Taxation on digital currency exchange is only one of the crypto laws enacted by South Korean authorities. The Financial Services Commission updated its financial reporting regulations in March to cover blockchain companies. The commision has also directed its staff to register any cryptocurrency holdings they may have.