Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets.

Nearly Half of Young Koreans Reject Tax on Crypto Profits

According to the poll, a little more than half of South Koreans support the taxing of profits from cryptocurrency trading, local media reported on Monday. In numbers, 53.7 percent of the respondents back the authorities’ initiative to levy taxes on capital gains from deals with digital money, while 38.3 percent oppose it.

However, young people in the country, or the most active cryptocurrency users, are more likely to disagree. 47.8 percent of the respondents aged between 20 and 29 stated that they were against the planned tax, outnumbering those that are in favor, 47.5 percent.

The largest share of supporters is among citizens in their 40s (62.1 percent), followed by those in their 50s (57.2 percent), and 30s (55.4 percent). Slightly more than half of people aged 70 and older (52.6 percent) agreed with the proposed taxation, indicates the poll conducted by Realmeter among 500 Korean residents aged 18 and older.

Majority of Korean Women Support Seoul’s Tax Plan

The survey, ordered by the YTN news channel, also shows that Korean women are more predisposed to accept crypto taxation than men. According to the data quoted by Yonhap, 60 percent of the female respondents agreed with the government’s move to impose tax on gains from crypto investments next year, while only around a third voiced their objection. The distribution among male participants is split almost in half – 47.3 percent support the measure and 45.7 percent oppose it.

A report by The Korea Herald notes that young people are the most active participants in the crypto space. Quoting numbers provided by lawmaker Kwon Eun-hee, the newspaper reveals that 2.35 million Koreans in their 20s and 30s have traded coins at least once on any of the country’s four largest cryptocurrency exchanges. Starting from January 2022, the government in Seoul plans to tax profits from such trades at a 20% rate for amounts exceeding 2.5 million Korean won (around $2,200).

What’s your opinion about the planned tax for cryptocurrency investments in South Korea? Share your thoughts on the subject in the comments section below.