Significant Support For Planned Crypto Tax Regime In South Korea.
2021-05-03 | Mike Hallen
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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