While the current tax code does not consider cryptocurrencies as an asset class, 54% of Koreans say they would support a law that would subject virtual currencies to the capital gains tax, according to a survey conducted by the country’s Ministry of Strategy and Finance. The survey was conducted to gather information and assess the public’s opinion on the taxation of cryptocurrencies in South Korea.
A new poll in South Korea shows that 53.7 percent of respondents support the imminent introduction of a capital gains tax on profits from cryptocurrency trading, local news agency Yonhap reported today.
According to the publication, the survey was conducted last Friday by the opinion research firm Realmeter among 500 Koreans aged 18 and above.
According to the poll, 53.7% of those polled support the government’s tax initiative, while 38.3% oppose it. Of those surveyed, 60% of women and 47.3% of men favored the new taxes, while 31% and 45.7% respectively were opposed.
In terms of age, Koreans in their 20s are the only group where the number of opponents of the new taxes is slightly higher than the number of supporters, at 47.8% versus 47.5%. At the same time, 60 percent of respondents in their 40s and 57.2 percent in their 50s said they were in favor of taxes on cryptocurrencies.
Tax on crypto-currencies is coming
Earlier this year, Korean officials reportedly proposed a 20 percent tax on cryptocurrency profits, which drew the ire of some cryptocurrency investors. However, it looks like the initiative will be delayed, but not cancelled, at least until 2022.
Last week, South Korean MP Yang Hyang-ja and Democratic Party lawmakers said they are currently considering moving taxes on cryptocurrencies.
A member of Korea’s ruling party suggests delaying the tax on cryptocurrencies for at least a year, saying it will take time for institutions to accept and understand cryptocurrencies. https://t.co/H4aNP0beSh https://t.co/qoPTbyV5x4
– Doo (@DooWanNam) April 26, 2021
A member of Korea’s ruling party is proposing to delay the tax on cryptocurrencies for at least a year, as he thinks institutional acceptance and understanding of cryptocurrencies will take time, tweeted Doo Wan Nam, head of MakerDAO in Asia.
At the same time, some experts have noted that the obsession with cryptocurrencies and huge profits is starting to have a detrimental effect on young Koreans, to the point of affecting their employment.
Thus, obsessive tracking of cryptocurrency prices could be part of a broader cryptocurrency addiction problem similar to gambling, some psychology experts noted last week.
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