Koreans want the government to tax cryptocurrencies

The majority of Koreans who want the government to tax cryptocurrencies is the result of a recent poll, even though representatives of the ruling Democratic Party are extremely interested in cryptocurrencies.

Koreans want the government to tax cryptocurrencies

A study by the Korea Social Opinion Research Institute (KSOI) conducted September 17-18, which spoke to more than 1,000 adults nationwide, found that:

According to Hankook Ilbo, the survey found that just over 33% of respondents said they were actually against the introduction of the tax, and more than 55% said they wanted the government to start targeting investors and e-money transactions tax. The rest said they were unsure or undecided on the matter.

The crypto tax is slated to roll out this October, but politicians have agreed to postpone the roll-out to January 1, 2022 to tax authorities across the country as they have now started submitting it to their auditors.

Koreans want the government to tax crypto, while young people here are very interested in this field

The ruling Democrats are painfully aware that young voters, who are at the core of their support in the elections, have become increasingly interested in cryptocurrencies in recent years.

Taxes on cryptocurrencies have been heavily skewed within the Korean crypto community, who have accused the government of valuing them with counterproductive efforts to obtain housing discounts from the real estate market.

The sluggish job market and falling share prices have disaffected many of President Moon Jae-in’s supporters with the government. And Seoul’s tough stance on cryptocurrencies hasn’t helped many young advocates.

Many have voiced their outrage that the crypto tax return filing threshold has been set at just $ 2,100 a year – significantly lower than the $ 42,000 for stock traders.

With the nation set to vote in early March next year, opposition lawmakers have begun delving into the issue, accusing Moon’s government of “betraying” investors, young investors interested in crypto – and urging them to to reverse.

The government has responded by saying it has no intention of giving in, but a crypto task force set up by senior Democratic lawmakers has announced that it will seek a “discussion” on the issue. Some MPs on both sides of the political fence have tried to postpone the measure until 2023 at the earliest.

KSOI opinion polls last month show that the largest opposition party candidate, Yoon Seok-youl, is leading his closest rival, the Democratic Party – even though neither party held a round in the recent primaries.

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