More Than 50% of Young South Koreans Oppose Crypto Taxation- Poll Report

A recent survey carried out in South Korea reveals that younger Koreans are less willing to accept the crypto taxation proposal than the older generation. According to the surveyors, the pool had a margin of error of less than 5 percent and a confidence level a little above 95 percent.

The survey however revealed that among the younger generation, that is, individuals between the age range of 20-29, a slight major of the respondents were against the taxation rule. The portion of young folks who supported the taxation on gains was 47.5 percent while 47.8 percent were against it. This age range had the highest number of individuals against tax gains from the survey. 

Majority of other Respondents Support Profit Taxation

Among the respondents in their thirties, 55.4 percent supported the upcoming taxation law. Respondents in their forties had the highest number of supporters from the pool with 62.1 percent agreeing to the taxation from crypto gains. The second highest group that showed their support for the taxation were the generation of the fifties. A significant 57.2 percent were in support of the tax gains imposition. 

Metrics were also analyzed based on gender. More women supported the tax imposition than men. Women who were in support of the governmental policy were up to 60 percent of the total number of women surveyed while 31 percent were against it. Men on the other hand who synced with the tax motion were 47.3 percent. However, a weighty 45.7 percent were against it. 

Looking at the overall statistics, more South Koreans were in support of the taxation. A total of 57.3 percent of the respondents said yes to the plan, while 38.3 percent were against it, with more of those against it coming from the younger generation. 

The total number of individuals surveyed was 500 and all the respondents were above the age of 18. The taxation rule will be imposed by the South Korean government next year and all crypto gains above the sum of $45000 will be charged with a 20 percent tax. This is one of the steps the South Korean government is taking to regulate cryptocurrencies in the country.

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