Research: South Korean Investors Welcome Controversial Crypto Tax Law

Legal & RegulationSurvey: South Korean Investors Welcome Controversial Crypto Tax Law Jimmy AkiMay 4, 2021A new survey has revealed that a majority of South Korean investors support the proposed crypto tax law set to be unveiled next year.53.7% Support Crypto Gains TaxAccording to a recent survey sponsored by local television station YTN, many South Korean…

Legal & Regulation

Survey: South Korean Investors Welcome Controversial Crypto Tax Law

A new survey has shown that a majority of South Korean investors support the suggested crypto tax law set to be unveiled next year.

53.7% Support Crypto Gains Tax

According to a recent poll sponsored by local television channel YTN, many South Korean crypto investors support the government’s move to tax crypto gains.

The research carried on 500 respondents elderly 18 years up by local research firm Realmeter showed that 53.7% of respondents support the proposed taxation regime scheduled to come in to effect in Jan. 2022.

38.3percent of responders feel it could hamper the sector’s expansion, saying the move was biased.

The survey showed that respondents over the age bracket of 20 and 29 were against the planned taxation over any other age group.

47.8percent of respondents in their own 20therefore said that they do not support crypto taxation, while 47.5% of respondents said it might be necessary to do so.

The data collated also showed that feminine crypto respondents were more supportive of their taxation scheme than their male counterparts.

Data collated by South Korean statesman Kwon Eun-hee showed that crypto investors in their 20s and ancient 30s were the most active participants with over 2. 35 million confirming that they have traded electronic monies at least once in the top four crypto exchanges operating in the united states: Bithumb, Upbit, Korbit, also Coinone.

But despite what may be a growing dissent against Seoul’s plans to regulate the burgeoning industry, Finance Minister Hong Nam-ki believes it’s only fair to tax capital gains on crypto transactions the same way other monetary transactions are taxed.

But crypto stalwarts have called for a revision of their incoming law. The capital gains tax on virtual money trades was reprinted at 20percent and can only affect trading profits that surpass the 2.5 million (about $2,234) mark.

South Korea’s Growing Regulations On Crypto

South Korea is determined to regulate its crypto sector. The Asian country has been working steadily to bring the crypto sector under the purview of the government. It started by outlawing solitude statutes like Monero’s XMR.

It then expanded its laws to include virtual assets service providers (VASPs), such as cryptocurrency exchanges stipulating a hefty fine for any crypto firm that fails to report suspicious transactions on its own platform. Additionally, it said that failure to keep relevant customer information and separate management of clients’ transaction records would see them confronting the complete weight of law.

These laws have since seen crypto exchanges like OKEx and also Binance close shop in the nation.

Jimmy Aki

Jimmy has been following the growth of blockchain for several years, and he is optimistic about its potential to democratize the fiscal system. When not immersed in the daily events in the crypto scene, he can be seen watching lawful reruns or trying to conquer his Scrabble score.

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