South Korean Crypto Tax U-Turn Looking Unlikely, Despite Outcry

By Tim Alper7 days ago

Despite the recent outcry about crypto tax among younger South Koreans, a new small survey has found that most of the respondents are in favor of imposing taxes on crypto traders profits.

Per Segye Ilbo and Chosun, the survey quizzed 500 people aged 18 and over nationwide and was commissioned by the media network YTN and conducted by Real Meter.

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And almost one in six respondents said they were in favor of the introduction of taxes in line with the governments plans. A new act on crypto taxes is set to come into force on January 1 next year. Less than 40% said they disagreed, with just 8% undecided on the matter.

And there appeared to be a firm gender divide on the issue. Despite a small army of South Korean crypto moms rushing into the crypto market, some 60% of female respondents said they backed taxes. Respondents aged in the forties were the demographic group most in favor of the tax measures, with over 62% backing the bill.

The measure has proven to be so decisive that it has sent the government into a spin, with some senior lawmakers saying that there is no going back on the tax plans which will see higher-earning crypto traders forced to pay capital gains tax bills of 20% on their profits. But other figures from the ruling Democratic Party afraid that a massive surge in online ire from the 2030 demographic (people aged 20-39) will turn on the party in the polls in next Marchs general elections.

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