South Koreans back crypto taxation

Cryptocurrencies may be a libertarian dream come true but support for taxing these digital assets is strong in South Korea.

Respondents to a recent survey were generally in favor of the move, with 53.7% backing a tax on crypto.

The survey, conducted by Realmeter, was carried out with the participation of 500 Koreans aged 18 or older, to gain a better insight into the country’s perception of regulating crypto.

Some 38.3% argued against a government tax on crypto, while 60% of women and 47.3% of men said that they supported regulating crypto by introducing the levy.

Koreans in their 20s were far more polarized than other groups, with 47.8% rejecting the tax idea, compared to 47.5%.

In other words, even young Koreans believe that a tax is only fair as people would be getting rich on their crypto assets.

However, crypto taxes may be delayed by at least a year as Yang Hyang-ja, a National Assembly member, has argued that the government may need more time to fully understand how crypto works.

In the meantime, Koreans continue to turn to cryptocurrencies all the time. The digital assets are widely popular with country residents. They are used to settle digital payments and in recreational activities.

Casinos such as, 1xBit and FortuneJack are some of the best examples of casinos that accept cryptocurrencies.


Updated: 04.05.2021 — 16:00

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