Sunday, February 5, 2023

Survey Shows South Koreans Are Ready To Pay Crypto Gain Tax

A survey by Realmeter,  a local survey firm, showed that more than half the citizens of Korea are supporting the taxation on crypto gains.  

On May 03, the firm in its survey report mentioned that 53.7 percent of the South Koreans have voted for the planned taxation on cryptocurrency next year, while 38.3 percent have opposed this decision.

It is to be noted that compared to male respondents, females respondents were more supportive of the government.

People, who opposed the government’s plan of imposing a tax on crypto gains, were mostly of the age group 20-29. They are considered to be the most active crypto investors in the country.

Kwon Eun-hee, a lawmaker, prepared data notifying that around 2.35 million people in the age group 20-30 have at least once participated in crypto trading. Kwon in its report mentioned that in the first quarter of the year 2021, these young South Korean crypto investors have invested in one of the four crypto exchanges, i.e., Upbit, Bithumb, Coinone and Korbit.

Although the youngsters are opposing the taxation on crypto gain, the government is still planning to impose it as soon as possible.

A week ago, the Finance Minister of South Korea, Hong Nam-ki, said, “When capital gains are generated from transactions of virtual assets, we cannot help but impose a tax for fair taxation.”

As per the report, investors who earn a profit of over $2234 through crypto trading would have to pay 20 percent of their gain as a tax to the authorities, from January 2022.

On April 30, the South Korean local TV station YTN conducted a survey in which 500 people participated. The data released by the TV station shows that 95 percent of the citizens supported it and 4.4 percent did not.

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