The South Korea’s National Tax Service has revealed that the number of crypto tax payers has increased by a whopping 14,000% since last year. This increase in revenue is mostly attributed to the growing interest in cryptocurrency amongst South Koreans. However, only 1% of the newly added tax payers are under the age of 35, while the majority of new crypto tax payers are over the age of 50.
A recent poll has shown that people in South Korea who are between the ages of 20 and 40 are less interested in cryptocurrency taxation than their older counterparts. The poll was conducted by the National Tax Service (NTS) and the Ministry of Strategy and Finance, and it showed that while 66.8 percent of South Koreans between the ages of 40-69 wanted to pay crypto taxes, only 57.2 percent of those in their 20s wanted to do the same. The survey also showed that only around 15 percent of South Koreans in their 20s were interested in investing in cryptocurrencies in the first place.
Opponents of the government’s plan to tax profits from cryptocurrency trading outnumber supporters among 20-year-old South Koreans, a new poll shows. Members of other age groups are more open to the proposal to tax investments in virtual assets.
Nearly half of young Koreans oppose income tax on cryptocurrencies
Just over half of South Koreans support the idea of taxing profits from cryptocurrency trading, local media reported Monday, according to a poll. Numerically, 53.7% of respondents are in favour of the authorities’ initiative to introduce a capital gains tax on digital currency transactions, while 38.3% are against it.
But the country’s youth or most active users of cryptocurrencies are unlikely to agree. 47.8% of respondents between the ages of 20 and 29 oppose the proposed tax, more than those in favor (47.5%).
Citizens in their forties (62.1%) have the highest percentage of supporters, followed by those in their fifties (57.2%) and thirties (55.4%). Just over half of those over 70 (52.6 percent) agree with the proposed tax, according to a Realmeter survey of 500 Koreans aged 18 and older.
Majority of Korean women support Seoul tax plan
A survey commissioned by news channel YTN also found that Korean women are more willing to tax cryptocurrencies than men. According to data cited by Yonhap, 60 percent of female respondents approve of the government’s decision to impose a tax on profits from cryptocurrency investments next year, while only about a third are against it. The split among male participants was almost in half: 47.3% supported the measure, while 45.7% opposed it.
According to a report by the Korea Herald, young people are the most active participants in the crypto space. Citing figures from lawmaker Kwon Eun-hee, the newspaper reports that 2.35 million Koreans between the ages of 20 and 30 have traded coins at least once on one of the country’s four largest cryptocurrency exchanges. Starting in January 2022, the Seoul government plans to tax profits from such transactions at a rate of 20 percent on amounts over 2.5 million Korean Won (about $2,200).
What is your opinion on the proposed tax on cryptocurrency investments in South Korea? Share your thoughts on this topic in the comments section below.
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