Cryptocurrencies have become a popular digital asset. Many say that cryptocurrency brings financial freedom for all. So much so that even millionaires have begun to invest in cryptos. Thus, many different nations are reacting differently to the rise of crypto. Presently, India has imposed a crypto tax, while other countries like Portugal have decided not to tax cryptos.
Hence, to know public opinion, Real Research — the online survey app, launched a survey on public thoughts on applying tax on Bitcoin and cryptocurrency transactions. It focused on topics like ‘countries having fair cryptocurrency regulation’. In addition, should cryptocurrency be taxed? It also focused on the huge 30% tax on cryptocurrency in india.
- 8.4% bought Ethereum while purchasing crypto for the first time
- 52.25% say the USA has the fairest Cryptocurrency regulations
- 20.84% said Cryptocurrency must not be taxed
47.56% Bought Bitcoin During Their First Purchase of Cryptocurrency
To begin with, the survey asked respondents if they own cryptocurrency, 41.90% said ‘yes’. Following this, the survey asked respondents which type of cryptocurrency they purchased first. 47.56% said their first bought Bitcoin (BTC) while 8.40% bought Ethereum (ETH).
Then, in order, PLF (9.97%), TNC (9.39%), Ripple (5.85%) and ABBC (3.63%). In addition, 2.95% said their first crypto purchase was Cardano (ADA). Likewise, Polygon (2.46%), Polkadot (2.02%), and VeChain (1.74%).
Moving forth, the survey asked which country has the fairest crypto regulations? In response, 52.25% said the USA, 11.37% chose India, 4.71% chose Singapore, and 4.63% said UAE. Moreover, 4.47% said European countries, 2.63% said South Korea, 2.32% say Canada, and 2.20% chose Japan..
44.24% Say No To Government Crypto Taxes as They are Personal Assets
On the matter of taxes on cryptos, there is mixed views on Tax on Bitcoin and cryptocurrency transactions. Accordingly, 38.57% said ‘definitely’, 21.13% say ‘moderately’, 20.84% say ‘not at all’, and the rest are unsure.
In turn, the survey asks why should cryptos be taxed? In response, 40.44% said it is a way to give back to the government. Similarly, 14.94% believe it will help boost the growth of cryptocurrency adoption and 10.37% believe it will act as a legal backing. Moreover, 7.60% think it is a clear way to regulate the use of cryptos.
Tax on Bitcoin and cryptocurrency transactions matters most to those who own a quite huge amount of crypto. Thus, the survey asks why should cryptos not be taxed? Here, 44.24% said the government should have no hold on personally owned taxes. Whereas 8.69% said the government should tax the rich instead. Lastly, 6.78% said it offers financial freedom and it must not be taxed.
78.17% Agree With Portugal’s Decision on Tax-Free Crypto Transactions
Next, respondents reveal if their country of residence imposes a tax on bitcoin and cryptocurrency transactions. A whopping, 55.27% said ‘yes’ while, 24.06% said ‘no’, and 20.66% are ‘unsure’.
Following this, respondents shared their viewpoint on Thailand’s reversal of tax on Bitcoin and cryptocurrency after facing backlash from the public. Here, 56.88% said the government must listen if the policy affects the public. In contrast, 11.41% said this makes the government look weak, and 9.04% said they should have modified the policy instead.
Recently, India announced a 30% tax on Bitcoin and cryptocurrency transactions. Sharing their thoughts about tax on cryptocurrency transactions India, 54.77% think it is too high. Likewise, 14.52% said this policy will change soon, 7.39% said there will be a massive backlash, and 4.32% consider it a good call.
Meanwhile, Portugal announced that crypto transactions will stay tax-free within its borders. Thus, respondents shared their opinion on this decision. The majority (78.17%) believe it is the right thing to do while 21.83% said they don’t agree with this decision.
|Survey Title||Public Thoughts on Applying Tax on Bitcoin and Crypto Transactions|
|Duration||February 05 – February 12, 2022|
|Number of Participants||50,000|
|Demographics||Males and females, aged 21 to 99|
|Participating Countries||Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.|
Real Research News is the media platform that presents insights and studies of wide-range of topics. It focuses on insights gathered from its survey app.