The Authority's Drastic Measures Make Crypto Owners More Distressed! - Kakiforex.com - Financial Market Media No. 1 in the World The Authority's Drastic Measures Make Crypto Owners More Distressed! The Authority's Drastic Measures Make Crypto Owners More Distressed!
InstaForex

May 4, 2021

The Authority's Drastic Measures Make Crypto Owners More Distressed!

 Recently South Korea has taken stern action against investors and crypto owners by imposing fines for those who evade paying taxes.


Soon after, today the South Korean administration announced that they were considering raising a crypto tax based on a survey conducted. The survey found many agreed the crypto tax was raised.


Other sources reported that the authorities will almost certainly impose a 20% tax on profits made from crypto trading starting early next year. Moreover, South Korea’s Finance Minister-Hong Nam-Ki-recently warned that such regulation is “inevitable” starting in 2022.



However somewhat surprisingly most South Koreans support the idea of ​​paying 20% ​​of their profits generated by trading digital assets to the government. Hence some argue that this view is largely composed of the elderly.


The results of the study showed that 53.7% of all participants supported the planned tax, while only 38.3% opposed it. Those between the ages of 20 and 29, considered the most active trading generation, opposed the law by 47.8%.


In addition, the administration is also planning to enact more integrated crypto rules. Last March, a new rule was enacted outlining hefty penalty standards and possible fines for all virtual asset service providers (VASPs), including crypto exchanges, that fail to report suspicious transactions.


Strict regulations have affected several digital asset -related businesses operating in the country, including some of the most popular exchanges as previously reported, OKEx Korea and Binance Korea.