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Title: [2017-12-13] S.Korea To Consider Capital Gains Tax On Cryptocurrency Trading Post by: jamids on December 13, 2017, 04:09:49 AM SEOUL, Dec 13 (Reuters) - South Korea on Wednesday said it will consider taxing capital gains from trading of virtual coins, a government statement obtained by Reuters ahead of an official release showed.
The government will also ban minors from opening accounts on virtual coin exchanges, and propose a bill to allow only eligible exchanges to operate, the statement said. To be eligible, exchanges will need to uphold investor protection rules and disclose all bid and offer quotes. In South Korea, the National Assembly needs to approve government bills on taxes. The statement follows an emergency policy meeting held to discuss cryptocurrencies. https://www.reuters.com/article/markets-bitcoin-southkorea/s-korea-to-consider-capital-gains-tax-on-cryptocurrency-trading-govt-statement-idUSS6N1M402I?rpc=401& Title: Re: [2017-12-13] S.Korea To Consider Capital Gains Tax On Cryptocurrency Trading Post by: CyberKuro on December 13, 2017, 04:54:26 AM Too many news from South Korea which leads to uncertainty, doesn't have regulations, consider to ban and now consider to tax capital gains.
Well, the tax is better than ban bitcoin obviously due to South Korea awareness ahead of Japan and US which their trading volume is one of the biggest across the global exchanges and become a country which primed for bitcoin users. Bitcoin price will crash such as when China cracked down all the exchanges because South Korea is one of the big players in the crypto-market. Title: Re: [2017-12-13] S.Korea To Consider Capital Gains Tax On Cryptocurrency Trading Post by: iamTom123 on December 13, 2017, 05:09:31 AM Too many news from South Korea which leads to uncertainty, doesn't have regulations, consider to ban and now consider to tax capital gains. Well, the tax is better than ban bitcoin obviously due to South Korea awareness ahead of Japan and US which their trading volume is one of the biggest across the global exchanges and become a country which primed for bitcoin users. Bitcoin price will crash such as when China cracked down all the exchanges as South Korea is one of the big player in the crypto-market. There are some FUDs originating from South Korea all because there are those in the government that have different views or opinions regarding Bitcoin, cryptocurrency, ICO and exchanges. Some are expressing their own personal viewpoints that are not actually official. We should only be listening to the official pronouncement and policy from the government itself and no other. Now, I understand that the government is now set to recognize Bitcoin since it would be impossible to tax the transaction of something not yet legal. Pay the tax or face the full force of the law. I have no problem with that kind of policy...and in fact I am surprised that it took a long time for the South Korean government to have it as the policy regarding Bitcoin and cryptocurrency. Just like any business, the government must be taxing those firms and people who are making some money out of it and this is the income tax and capital gains tax. Simple as that. |