Regulation
Two Thirds of Users Support Taxation of Crypto Assets
The crypto industry’s attitudes toward tax are maturing, with a recent survey indicating that two-thirds of digital asset users are in favor of cryptocurrency taxation.
A recent survey conducted by South Korean wallet provider Childly found that 66% of respondents are in favor of crypto assets being taxed.
The poll of more than 5,750 crypto users worldwide revealed that only one-in-five crypto users are opposed to digital asset taxation.
Crypto community warms to taxation
48% of respondents strongly agreed that cryptocurrencies should be taxed, describing digital asset taxes as “a must.” 18% of participants expressed support for crypto taxes, however, on the proviso they were set “at an acceptable level.
20% of polled crypto users disagree with taxing crypto assets at present, with 9% asserting that it is “too early” and more time is needed to consider appropriate obligations for the sector. 11% expressed strong disagreement with taxation at all, stating that an “entirely new approach” is needed with regards to digital assets.
“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% of respondents stated that they “don’t really have an opinion” regarding crypto taxation.
Despite acceptance, many crypto users owe taxes
At the end of March, crypto accounting platform Blox and tax software provider Sovos published the findings from a survey that encompassed a third of known, U.S.-based Certified Public Accountants that operate in a variety of capacities with cryptocurrency.
The report highlights significant issues pertaining to crypto taxation from the perspective of tax professionals — with 90% of CPA’s identifying missing data from clients as among their greatest challenges, and less than 50% of tax clients having access to their complete crypto transaction history.
By contrast, only 55% of crypto accountants reported government regulation as their top hurdle.
The survey also found that over half of CPAs believe their crypto clients owe back taxes.
