South Koreans back tax on cryptocurrency traders

More than half of Realmeter’s survey participants supported introducing a capital gains tax on cryptocurrency transactions in South Korea. As reported by The Korea Herald.

The survey included 500 people aged 18 and older. Of them, 53.7% approved the cryptocurrency taxation law, which will take effect on 1 January 2022. 38.3% opposed the poll.

Researchers noted that women are more supportive than men of the new tax scheme. The share of respondents who disapproved of the reform is higher among people aged 20 to 29 (47.8%). The publication, citing lawmaker Kwon Eun-hee, noted that members of this demographic show the greatest activity in cryptocurrency trading.

Under the new law, the authorities will levy a 20% tax on profits from cryptocurrency trading exceeding 2.5 million won (~$2,225). Similar rules will be introduced for inheritance or gifts in digital assets.

As a reminder, since 25 March 2021, cryptocurrency-related companies in South Korea are required to comply with anti-money-laundering rules.