A recent survey conducted by South Korea’s crypto wallet developer Childly has indicated that two-thirds or 66 percent of respondents support the idea of cryptocurrency taxation, Crowd Fund Insider website.
More than 5,750 crypto users, located in different countries across the world, participated in the poll. Just 20 percent of crypto users rejected the idea of imposing tax on crypto transactions.
Meanwhile, 48 percent of the respondents ‘strongly’ agreed that crypto transactions must be taxed. However, just 18 percent of respondents supported the idea, but at ‘the acceptable level’.
Nearly 20 percent of surveyed crypto users did not favor taxing digital asset transactions. Meanwhile, 9 percent said it is ‘too early’ to levy tax, so authorities should take enough time to consider the issue.
On the other hand, 11 percent of respondents completely disagreed with the taxation idea. They proposed formulating an “entirely new approach” for taxing crypto transactions.
Childly CEO Eunti Kim said:
“Although many countries have already begun its taxation on digital assets, voices of those asking for the more judicious approach to applying tax rules should be heard at all levels.”
Almost 14 percent of crypto users responding to the survey said they “don’t really have an opinion” when it comes to paying taxes on digital asset transactions.
Verady, Reuters develop tool for crypto taxation
Cryptolydian earlier reported that Verady, the American crypto auditing firm, announced it has developed, in collaboration with media giant Thomson Reuters, a new software tool called “Virtual Currency Organizer” aiming at integrating cryptocurrency sector in the tax system and help regulate and manage crypto transactions.
As blockchain and cryptocurrency are contagiously spreading across all economic sectors, demand for regulations is increasingly crucial. Confusion in many countries still prevails as the status of cryptocurrencies or “moneyness” is debated, and so is taxation.
In South Korea, reports of taxing gains made through crypto-currency caused hype. The Korean National Tax Service (NTS) plans to impose withholding tax despite a statement by the financial minister denying the existence of any taxation laws so far. Poland, too, drowns in controversy about irrational taxation of cryptocurrency in light of the absence of clearly-defined legal foundation for such tax.