Two-Thirds of Users Support Crypto Asset Taxation

Two-Thirds of Users Support Crypto Asset Taxation

A recent South Korean wallet provider Childly survey showed that 66 percent of respondents are in favor of taxing crypto-assets.

The poll of more than 5,750 users of crypto worldwide showed that only one in five users of crypto are opposed to taxation of digital properties.

Crypto ecosystem warms to taxation

48 percent of respondents strongly agreed that cryptocurrencies should be taxed, defining digital asset taxes as “a must.” 18 percent of participants expressed support for crypto taxes but specified that they were set at a reasonable amount.

Currently, 20 percent of surveyed crypto users disagree with taxing crypto-assets. With 9 percent saying it is “too early”. And requiring further time to evaluate acceptable sector obligations. 11% show strong disagreement with taxation at all. Claiming that an “entirely new approach” to digital assets required.

“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,” Childly chief executive, Eunti Kim, stated.

14 percent of respondents said they “don’t really have an opinion” on crypto-taxation.

Many crypto users also owe taxes, despite acceptance

At the end of March, the crypto accounting platform Blox. And tax software provider Sovos released results from a survey involving a third of established, the U.S. based Certified Public Accountants working with cryptocurrency in a variety of capacities.

The study addresses major concerns related to crypto taxation from the tax professionals’ viewpoint. With 90 percent of CPA’s citing lost consumer data as one of their key obstacles. And fewer than 50 percent of tax clients having access to their entire crypto transaction history.

Just 55 percent of crypto accountants, by comparison, listed government enforcement as their highest hurdle.

The survey also found that more than half of CPAs believe that their crypto clients owe taxes back.

...