Research Reveals South Koreans Service crypto tax Regulation

More than half of the survey respondents preferred the contentious crypto tax law in South Korea.
An opinion poll conducted by South Korean television station YTN has shown significant support for the projected cryptocurrency tax regime at the country.According to a report by The Korea Herald, 53.7% of the 500 participants polled by South Korea survey firm Realmeter expressed support for the crypto tax law coming into effect in January 2022. However, respondents in their 20s — the most busy crypto trading era in South Korea — were likely to oppose the cryptocurrency tax law. Figures compiled by South Korean lawmaker Kwon Eun-hee reveal an estimated 2.35 million crypto traders aged between 20 and 29 have exchanged on the”big four” crypto exchanges in the united states: Bithumb, Upbit, Korbit along with Coinone.Details of the survey showed 47.8% of respondents between the ages of 20 to 29 years have been against the crypto tax plan. Female participants in the survey were also more inclined to support the incoming tax law.As formerly documented by Cointelegraph, the country’s government is keen to proceed with the tax law with finance minister Hong Nam-ki recently calling the crypto tax plan”inevitable” However, several cryptocurrency stakeholders in South Korea are against the imposition of taxation to virtual currencies. The law will observe a 20% capital gains levy on trading gains exceeding 2.5 million won (roughly $2,234).Back in April, prime minister nominee Kim Boo-kyum guaranteed to look into the crypto tax law amid rising dissent among cryptocurrency industry participants at South Korea.Indeed, the contentious cryptocurrency tax plan has become the subject of petitions to the Blue House as critics have accused the government of double standards.Taxes on virtual currency trading is but one of several crypto regulations from South Korean authorities. In March, the Financial Services Commission amended its fiscal reporting principles to add cryptocurrency companies. The Commission also has instructed its employees to report their own crypto holdings.

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