56% of Economists Say "Taxation of Virtual Assets is Desirable"

Survey by the Korean Economic Association on the 21st

[Image source=Reuters Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Six out of ten domestic economists surveyed believe that the government's policy to tax virtual assets is appropriate. Eight out of ten think that the transparency and reliability of exchanges and trading targets need to be improved.

The Korean Economic Association released the results of an economic discussion survey on virtual assets on the 21st. A total of 25 people responded to four questions in the survey.

When asked what institutional approach is needed first for virtual asset exchanges, 80% of respondents answered that "standards for transparency and reliability of exchange operations and trading targets should be strengthened." Professor Lee In-ho of Seoul National University said, "Since virtual assets must never be used for anonymous illegal financial transactions, it is necessary to secure market transparency and build trust among market participants for the sound growth of this market."

Source=Korean Economic Association

Regarding the taxation policy on virtual assets, 56% viewed it as a "desirable measure." Twenty percent responded that "a cautious approach considering the movements of other countries" is necessary, and 12% said "investor protection should be the priority issue." Professor Sung Tae-yoon of Yonsei University advised, "It is reasonable to tax the portion where income is generated based on the principle of taxing where income exists. However, taxation should not be excessive or insufficient compared to other financial investment assets."