Survey: South Koreans Supports Proposed Cryptocurrency Tax

More than half of South Koreans have shown significant support for the planned cryptocurrency tax regime in the country, a survey showed on Monday.

May 3, 2021 | AtoZ Markets – More than half of the participants in the Realmeter survey supported the introduction of capital gains tax on cryptocurrency transactions in South Korea, The Korea Herald reported.

The study involved 500 South Koreans over the age of 18. Of these, 53.7% approved the law on taxation of cryptocurrencies, which will enter into force on January 1, 2022. 38.3% of the respondents were against it.

The researchers noted that women are more supportive of the new taxation scheme than men. The percentage of respondents who do not approve of the reform is higher among people aged 20 to 29 (47.8%). The publication, citing MP Kwon Eun-hee, noted that representatives of this demographic group are most active in cryptocurrency trading.

Under the new law, the authorities will tax 20% on cryptocurrency trading profits in excess of 2.5 million won ($2,225). Similar rules will be implemented when inheriting or receiving gifts in digital assets.

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AtoZ Markets earlier reported that South Korea’s National Assembly proposed a delay in the crypto tax rule to push the implementation to January 2022. The rule was originally planned to come into force by October 2021.

Read also: South Korea FSC Obliges Its Employees to Report Crypto Investments

As a reminder, South Korean regulators decided to join forces to fight illegal cryptocurrency transactions. In addition, the South Korean Internal Revenue Service recently confiscated about $22 million worth of cryptocurrencies from Seoul traders and companies for tax evasion.

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