[Agyeong Poll] Over Half of Citizens Support Strengthening Cryptocurrency Regulations

Ages 18-29 Are Divided on Pros and Cons

[Asia Economy Reporter Koo Chae-eun] More than half of the nation's population responded that cryptocurrency-related regulations should be strengthened. On the other hand, 31.2% opposed the strengthening of regulations.

However, among the youth who are actively investing in cryptocurrencies, opinions were evenly split. In the 18-29 age group, 41.0% supported strengthening regulations, while 40.8% opposed it. The proportion of opposition in this group was the highest among all age groups.

The currently proposed cryptocurrency regulation enhancements include ▲separate management of investor deposits, ▲prohibition of unfair trading such as insider information use and market manipulation, and ▲liability for damages in case of system errors. In the National Assembly, bills containing these provisions are pending: the Virtual Asset Business Act (proposed by Lee Yong-woo of the Democratic Party), the Act on the Development of Virtual Asset Business and Protection of Users (proposed by Kim Byung-wook of the Democratic Party), and the Act on Virtual Asset Transactions (proposed by Yang Kyung-sook of the Democratic Party).

Those who positively evaluate the president's performance in office were more likely to respond that "regulations should be strengthened" (68.0%) and less likely to say "regulations should be minimized" (21.3%). Conversely, among those who negatively evaluate the president's performance, 45.9% said "regulations should be strengthened," while 38.7% said "regulations should be minimized."

Opinions also varied by political party support. Among supporters of the Democratic Party, 67.2% agreed with strengthening cryptocurrency regulations, and 23.7% said regulations should be minimized. In contrast, among supporters of the People Power Party, 39.6% supported strengthening regulations, while 42.6% said regulations should be minimized.

This survey was conducted by Asia Economy through Win-G Korea Consulting, targeting voters aged 18 and older nationwide on the 29th and 30th of last month, with 1,045 respondents and an overall response rate of 10.4%. The survey method was 100% wireless ARS using mobile phone virtual numbers, and the sample was extracted with weighted values by gender, age, and region based on the resident registration population as of the end of January 2021 from the Ministry of the Interior and Safety (cell weighting). The sampling error is ±3.0 percentage points at a 95% confidence level. For detailed survey information, please refer to the Win-G Korea Consulting website or the Central Election Survey Deliberation Commission website.