A poll by the South Korean television channel YTN showed massive support for the country’s planned tax system for cryptocurrency.
According to a report by The Korea Herald, 53.7% of 500 respondents surveyed by South Korean research firm Realmeter supported the crypto tax bill, which will take effect in January 2022.
However, participants in their 20s and 20s – the most active demographic in South Korea’s cryptocurrency trading era – most likely opposed the cryptocurrency tax law. Figures compiled by South Korean lawmaker Kwon Un-hye show that around 2.35 million crypto traders between the ages of 20 and 29 have traded on the country’s “big four” crypto exchanges: Bithumb, Upbit, Korbit, and Coinone.
The details of the survey showed that 47.8% of respondents aged 20-29 were against the cryptocurrency taxation scheme. The women surveyed were more likely to support the incoming tax law.
As Cointelegraph previously reported, the country’s government is looking to move forward with the tax code, and Finance Minister Hon Nam Ki recently called the crypto tax system “inevitable.”
However, many cryptocurrency stakeholders in South Korea are opposed to taxing cryptocurrencies. The law provides for a capital gains tax of 20% on trade profits in excess of 2.5 million won (approximately $ 2,234).
Back in April, Prime Minister-designate Kim Boo Kyum pledged to look into the cryptocurrency tax law amid growing opposition among members of the South Korean cryptocurrency industry.
In fact, the controversial tax plan for cryptocurrency has been the subject of petitions to the Blue House, with critics accusing the government of double standards.
The cryptocurrency trading tax is just one of many cryptocurrency regulations imposed by the South Korean authorities. In March, the Financial Services Commission revised its financial reporting rules to cover cryptocurrency activities. The committee also asked its employees to report on their cryptocurrency holdings.