Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds – Taxes Bitcoin News

Bitcoin.com

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets.

Nearly Half of Young Koreans Reject Tax on Crypto Profits

According to the poll, a little more than half of South Koreans support the taxing of profits from cryptocurrency trading, local media reported on Monday. In numbers, 53.7 percent of the respondents back the authorities’ initiative to levy taxes on capital gains from deals with digital money, while 38.3 percent oppose it.

How To Get Free Crypto  

However, young people in the country, or the most active cryptocurrency users, are more likely to disagree. 47.8 percent of the respondents aged between 20 and 29 stated that they were against the planned tax, outnumbering those that are in favor, 47.5 percent.

The largest share of supporters is among citizens in their 40s (62.1 percent), followed by those in their 50s (57.2 percent), and 30s (55.4 percent). Slightly more than half of people aged 70 and older (52.6 percent) agreed with the proposed taxation, indicates the poll conducted by Realmeter among 500 Korean residents aged 18 and older.

Majority of Korean Women Support Seoul’s Tax Plan

The survey, ordered by the YTN news channel, also shows that Korean women are more predisposed to accept crypto taxation than men. According to the data quoted by Yonhap, 60 percent of the female respondents agreed with the government’s move to impose tax on gains from crypto investments next year, while only around a third voiced their objection. The distribution among male participants is split almost in half – 47.3 percent support the measure and 45.7 percent oppose it.

A report by The Korea Herald notes that young people are the most active participants in the crypto space. Quoting numbers provided by lawmaker Kwon Eun-hee, the newspaper reveals that 2.35 million Koreans in their 20s and 30s have traded coins at least once on any of the country’s four largest cryptocurrency exchanges. Starting from January 2022, the government in Seoul plans to tax profits from such trades at a 20% rate for amounts exceeding 2.5 million Korean won (around $2,200).

Coinbase Banner  

What’s your opinion about the planned tax for cryptocurrency investments in South Korea? Share your thoughts on the subject in the comments section below.

Tags in this story
Crypto, Cryptocurrencies, Gains, Generations, income, Koreans, plan, Poll, Profit, South Korea, Survey, Tax, Taxation, young

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Lubomir Tassev


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.