Significant Support For Planned Crypto Tax Regime In South Korea.

Significant Support For Planned Crypto Tax Regime In South Korea.

2021-05-03 | Mike Hallen

Significant Support For Planned Crypto Tax Regime In South Korea.

A poll conducted by South Korean TV station YTN has revealed significant support for the planned crypto tax regime within the country. In line with an official report by The Korea Herald, 53.7% of the five hundred participants polled by South Korea survey firm Realmeter expressed support for the crypto law coming into effect later in January next year. However, respondents in their 20s - the foremost active crypto trading age demographic in South Korea - were presumably to oppose the cryptocurrency law. Figures compiled by South Korean lawmaker Kwon Eun-hee reveal that an estimated 2.35 Mln crypto traders aged between 20 and 29 have traded on the “big four” cryptocurrency exchanges within 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 cryptocurrency tax plan. Female participants within the survey were also more likely to support the incoming law. As reported earlier, the country’s government is keen to proceed with the law with the minister of finance 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 assets. The law will see a 20% capital gains levy on trading profits exceeding 2.5 Mln won. Also earlier in April, prime minister nominee Kim Boo-kyum promised to seem into the crypto law amid growing dissent among crypto industry participants in South Korea. Indeed, the controversial cryptocurrency tax plan has been the topic of petitions to the Blue House as critics have accused the govt of double standards. Taxes on virtual currency trading is merely one among several cryptocurrency regulations from South Korean authorities. Also in March, the FSC [Financial Services Commission] amended its financial reporting rules to incorporate crypto businesses. The commission has also instructed its employees to report their cryptocurrency holdings.

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