South Korea conducted a survey on the introduction of a tax on income from operations with cryptocurrencies
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Realmeter conducted a survey among residents of South Korea, on the agenda was the introduction of a tax on profits from transactions with cryptocurrency assets. Earlier it was reported that the new tax will take effect from the first day of the new 2022. As an experiment, 500 adult respondents (aged 18 and over) were interviewed. The survey revealed that more than 53% of them agree with the new tax law. The study also showed that men were more negative about the new bill, while women were predominantly supportive of its introduction. Perhaps this is due to the fact that the vast majority of traders are men. Women are much less involved in cryptocurrency trading.

Interesting statistics were also observed among representatives of different age groups - for example, the least number of fans of the law on reform in taxation was found in the category of respondents aged 20-29. It is believed that such a reaction of this age category is caused by the high activity of its representatives in working with cryptocurrency - they have a direct interest in not adopting this law, since they themselves are engaged in this area.

In particular, the law directly relates to the activities of cryptocurrency traders, namely, young people are more keen on the topic of trading cryptocurrency assets on exchanges. According to statistics, about 47 percent of all opponents of the law on the taxation of traders turned out to be dissatisfied between the ages of 20 and 29.

Under the new legislation, cryptocurrency trading will now be taxed at a rate of 20 percent on profits. The tax will need to be paid only if the income exceeds the established amount - 2.5 million won (if you translate this figure into US dollars, you get about 2.25 thousand). By the way, not only trade operations will take place under the supervision of the tax service. The declaration of income will also have to include presents, if they come in cryptocurrency, and even inheritance converted into digital currency. Of course, the tax limit is the same for all situations.

Earlier it was reported that now in South Korea there are more stringent requirements regarding measures taken against money laundering using cryptocurrencies, so any companies that somehow work with digital assets, regardless of their line of business, must comply with current legal requirements.

Added: 03.05.2021