crypto surveyCrypto taxcrypto taxescryptocurrency taxSouth KoreaSurvey

Survey shows South Koreans support crypto tax law

More than half of the survey respondents favored the controversial crypto tax law in South Korea.

An opinion poll conducted by South Korean television station YTN has shown significant support for the planned cryptocurrency tax regime in 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 active crypto trading age demographic in South Korea — were most likely to oppose the cryptocurrency tax law. Figures compiled by South Korean lawmaker Kwon Eun-hee show that an estimated 2.35 million crypto traders aged between 20 and 29 have traded on the “big four” crypto exchanges in the country: Bithumb, Upbit, Korbit and Coinone.

Details of the survey showed 47.8% of respondents between the ages of 20 to 29 years were against the crypto tax plan. Female participants in the survey were also more likely to support the incoming tax law.

As previously reported 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 regime “inevitable.”

However, several cryptocurrency stakeholders in South Korea are against the imposition of taxes on virtual currencies. The law will see a 20% capital gains levy on trading profits exceeding 2.5 million won (about $2,234).

Back in April, prime minister nominee Kim Boo-kyum promised to look into the crypto tax law amid growing dissent among cryptocurrency industry participants in South Korea.

Indeed, the controversial cryptocurrency tax plan has been the subject of petitions to the Blue House as critics have accused the government of double standards.

Taxes on virtual currency trading is only one of several crypto regulations from South Korean authorities. In March, the Financial Services Commission amended its financial reporting rules to include cryptocurrency businesses. The Commission has also instructed its employees to report their crypto holdings.

Story Originated on Cointelegraph

Related posts
alt seasonAltcoinaltcoin tradingBithumbCoinoneCrypto ExchangesSouth KoreaUpbit

South Korea's banking association alarmed by altcoin trading mania

South Korea’s banking body wants crypto exchanges to be wary of the risks of being overexposed to altcoins. The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country. According…
AsiaBarry SilbertCryptocurrency ExchangeDigital Currency GroupGrayscaleSouth Korea

Digital Currency Group backs South Korean crypto exchange operator

Streami, the company behind the popular GOPAX exchange, has received direct funding from Digital Currency Group. Digital Currency Group, the venture capital firm behind some of the biggest companies in blockchain, has become the second-largest shareholder of Streami, a leading…
crypto minersCrypto taxSouth KoreaTax

South Korean Bitcoin miners can deduct electricity costs from crypto tax filings

Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022. Crypto investors involved in cryptocurrency mining may enjoy a significant tax break when the country’s virtual currency tax regime commences in…