Majority of South Korean population supports controversial law

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A South Korean television station YTN conducted an opinion poll on the crypto law which is set to go live in January 2022. The Korea Herald reported that 53% of 500 participants are in favor of the controversial law and support it. The survey was carried out by survey firm Realmeter.

South Korea has been one of the most active countries in the crypto sphere of the East. The country has gone back and forth with cryptocurrency regulation and the government’s stance on cryptocurrencies. Where on one hand, there is worry about the increase in criminal activities due to cryptocurrencies, there is also the realization of the importance of the blockchain technology.

A crackdown was launched because of the rampant increase in money laundering and tax evasion in the country because of cryptocurrencies. The decentralized nature of cryptocurrencies makes them a hotspot for illegal activities. But South Korea took strict actions to curb the problem. The crackdown is set to last till June. Regulators have joined forces and scrutiny on the cryptocurrency market has been increased.

Amidst the crackdown, various laws have also been passed. The Act on Reporting and Using Specified Transaction Information requires accounts on cryptocurrency exchanges to be based only on real names. The most controversial law is set to launch in January 2022 which imposes a 20% capital gains tax on profits from cryptocurrencies.

The survey conducted revealed that younger population – in their twenties – are more likely to oppose the law as that segment of the population is majorly active in cryptocurrency investment. While older population segment and females are more likely to support the law. With the controversy surrounding the new law, the new prime minister nomination has also tried to assure the masses that he will look into it to ensure there are no victims.

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