Opposition parties in South Korea suggest that if they will come into power, then they will tax crypto, particularly the gains derived from crypto trading. The majority of youngsters belonging to the age group under 20 years of age are supporting the opposition’s manifesto. While the people falling in different age groups are found to be more open towards discussing crypto tax, suggest findings of a recently conducted public poll.
A public poll was recently carried out in South Korea and the findings derived from the poll were quite intriguing. According to a survey, half of the young population of the country is in the favour of taxing gains earned from crypto trading. Survey results revealed that the majority of South Koreans, approximately 53.8%, are supporting the decision of the authority for bringing crypto gains under the tax net. On the other hand, at least 38.4% were those people who were found to be against the initiative of taxing crypto.
Yet the majority of crypto users in South Korea are comprised of a population that is under 20 years of age. They make 47.8% and they think that the government’s initiative of taxing crypto is against public demand. They are claiming that they are against not only the initiative but want to protest the initiative before it could become law. However, those who are in favor of the crypto tax are in minority i.e. 47.5%, falling shortly behind the majority.
The survey further revealed that those in the majority, backing the government, are those who are part of the age group 40 to 50 years.
It was reported that the survey was conducted by an online independent entity called “Realmeter”. For the purposes of the poll, Realmeter met in person about 500 people who were between the ages of 20 to 70 years. However, it is a fact that the majority of South Korean crypto investors is consisting of youth under 20 to 29 years old.
On a separate note, the poll also surveyed female South Korean crypto investors as well. It was found out that most of these women were of the view that crypto earnings should be taxed. They claimed that the country is undergoing a Covid-19 crisis and therefore collection of the further tax would bring economic stability. It was reported that at least 60% of all the women were in favor of the crypto tax net. On another hand, half of the remaining 40% of women opposed crypto taxation. While the rest of the 20%, were not sure whether they should support or oppose the crypto taxation.
In any case, the South Korean Government has passed a law regarding crypto taxation. Though the law has been approved, its implementation is due until the start of next year i.e. 2022.