More than half of users say YES to crypto taxation
According to the recent survey conducted by Childly, a South Korean cryptocurrency finance startup, around two-thirds of crypto users are in favor of cryptocurrency taxation.
The survey that included more than 5,750 crypto users worldwide revealed that over 66 percent of respondents are expressing strong approval of taxing cryptocurrencies, defining it as a must-have aspect. Only 20 percent of the surveyed disagree with taxing cryptocurrencies for the time being, and 9% of the polled crypto users believe that at present it is still too early to tax crypto - to their mind, the industry is not quite mature enough to implement taxation rules.
Eunti Kim who is the Chief executive at Childly said that although some countries have already implemented taxation on cryptocurrencies, it is important to take into consideration the opinions of and hear out those who are leaning towards a more cautious approach.
Although the majority acknowledges the necessity for crypto taxation, many crypto owners keep avoiding the taxes. A crypto accounting firm Blox together with a taxation software provider Sovos highlighted some critical issues that crypto tax professionals around the world are facing.
The collective report published back in March showed that over 90 percent of accounting personnel identify missing or inaccurate data from clients as one of their biggest hurdles when it comes to filling in taxes. It turns out that half of the surveyees do not even have full access to their taxation history and almost the same number of respondents emphasized the regulation complexity.