According to a survey, more than fifty percent of South Koreans is supporting the Crypto tax law. In addition, the YTN television station of South Korea conducted an opinion poll that showed significant support for the law. Reports state that 53.7% of the 500 participants supported the coming Crypto tax law.
Moreover, the law will come into effect from January 2022. What is more, most of the respondents are indeed twenties, the most active crypto trading age in South Korea. Realmetre firm expressed its support for the crypto tax law.
According to Kwon Eun-hee, a South Korean lawmaker, the figures show that there are 2.35 million crypto traders who are aged between 20 and 29. Moreover, these crypto traders are trading on the big four cryptocurrency exchanges of the country Bithumb, Upbit, Korbit, and Coinone.
Kim Boo-kyum, the Prime Minister Nominee, promised that he would look into the Crypto tax law amid the growing dissent among cryptocurrency industry participants back in April.
According to the Cointelegraph report, the country’s government is keen on proceeding with the tax law. Moreover, the Finance Minister is calling the Crypto tax inevitable. However, several cryptocurrency stakeholders are against the imposition of tariffs on digital currencies in South Korea.
The law will see a 20% capital gains levy on the trading profits that exceed 2.5 million won, which is about $2,234.
Controversial Cryptocurrency plan
Moreover, this controversial cryptocurrency plan has been the subject of many petitions that reach the Blue House. According to the critics, accuse government has double standards regarding this law. Digital currency taxes is only one of the several Crypto regulations from the South Korean authorities.
Moreover, the financial services Commission amended the financial reporting rules to include all cryptocurrency businesses. The commission also instructed its employees to report their Crypto holdings.