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South Koreans Voice Their Support of Capital Gains Taxation of Crypto

According to Yonhap News Agency, over 53% of the poll participants have responded that they support the taxation of cryptocurrencies.

The poll, conducted by Realmeter and commissioned by news channel YTN, asked 500 individuals over the age of 18 if they agree that the capital gains from cryptocurrency trading should be taxed. 53.7% of respondents agreed with the taxation while 38.3% disagreed.

60% of the women supported the taxation and 31% objected to it. As for the men, 47.3% of them support the taxation and the remaining 47.5% do not.

Individuals in their 40s are the most supportive of all the other age groups (62.1%), followed by 50s (57.2%), 30s (55.4%), 70s and above (52.6%), 20s (47.5%), and 60s (45.4%).

The South Korean government has planned to put new cryptocurrency taxation regulations into effect next year, having released taxation guidelines and is keeping close tabs on regulators to keep them from making unlawful crypto trades.

The taxation regulation calls for a 20% capital gains tax on cryptocurrency transactions, applicable to transactions greater than roughly $45,000. However, more are asking for the same taxation rules of the stock market to be applied to the crypto market.

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