Cryptocurrency News

Survey Conducted in South Korea Shows Locals Support the Crypto Tax Law

Ever since the South Korean regulatory authorities introduced new tax laws for cryptocurrencies, crypto-firms seem to be feeling uneasy. It was initially announced by the South Korean government that the new crypto tax law would be implemented from January 2021.

However, the cryptocurrency community in South Korea requested the South Korean government to reconsider implementing the new tax laws. The cryptocurrency community from South Korea stated that the time given by the regulators to crypto-firms was too little in order to adopt the new laws.

Therefore, the South Korean government initially moved the tax implementation to May of 2021, and then to January of 2022.

The South Korean government has made it clear that no further extensions will be given in terms of new crypto tax law implementations.

While the cryptocurrency firms are still concerned about the situation, the media sources and other private firms are supporting new crypto-tax policies. Many local sources have revealed that the locals are supporting the new tax law and are completely fine with it.

To prove what the locals want and how much they support cryptocurrency tax laws, one of the media sources recently conducted a survey. The results gathered by the particular media outlets were promising and showed that the locals are supporting the decision made by regulators in South Korea.

According to the reports, YTN, a television station in South Korea went ahead and carried out a survey to get people’s opinions over the new tax laws. The television has revealed that the survey was conducted among 500 participants.

Out of the 500 participants, 53.7% spoke in support of the new cryptocurrency tax law to be implemented in 2022. The firm that carried out the survey on behalf of the YTN television station is Realmeter.

While the majority of the participants showed voted in support of cryptocurrency tax law, the crypto-investors from the young age group opposed it.

According to a recent survey, it was revealed that the majority of the investors belonging to the age group between 20 and 29 support cryptocurrencies. These were the groups that showed concerns over the new crypto-tax laws and opposed them.

Another firm known as Kwon Eun-hee has shown how many youngsters are currently using the top cryptocurrency exchanges. The report suggests that Coinone, Korbit, Upbit, and Bithumb have more than 2.5 million users aged between 20 and 29.

These cryptocurrency exchanges are called the big four in South Korea and the majority of the youngsters prefer using these cryptocurrency exchanges for performing crypto-trades.

The survey showed that the majority of the youngsters in the cryptocurrency investment sector were not okay with the new cryptocurrency tax law.

With so many trades and investments being made in cryptocurrencies by the South Koreans, stopping the cryptocurrency tax law from happening is inevitable.

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