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Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

I seriously doubt an online petition is going to change the minds of the politicians in south korea...about anything.

This surprised me that crypto isn't taxed there.  Does that mean you can earn bitcoin and not have to pay taxes on it?  Crazy if that's the case, because I think such a situation has always been taxable in most countries ever since bitcoin was created.  If you acquire crypto without actually buying it, that's the *definition* of income, and if it gains in value before you end up selling it, that's the definition of capital gains.  So if s. korea isn't currently taxing crypto income or gains, they're just behind the times in my opinion.

The point is it won't. If a petition is going to be acted upon, there are always some certain conditions that would be met. One of those conditions is the population of those who signed the petition. You don't put a petition on a global forum for it to be signed when majority of the people who are the audience don't even have any connection to Korea. You don't raise a petition for the people in Washington to be take serious by government when it is signed by those living in New York. So, if there is any chance that this might would make any difference, then it needs to be signed by the citizens of Korea and have serious discussions and dialogue with government representatives.

Think of it like this: once something is legalised and taxed, it stays that way forever. Especially if there is good tax revenue from it. Tax is the thing that keeps it from being banned.

Not much you can do about it I'm afraid. Crypto markets are quite big in Korea, the government knows this and sees it as a great tax opportunity, it's just a matter of time.
On the positive side, if you told 2 years ago me that a country would be legalizing (and thus acknowledging) crypto, I would be extremely excited! I'm glad to see governments finally realizing that crypto is here to stay  :) even though that may mean it'll be taxed.

So, I think it's bad news. A lot of countries start discussing crypto taxes. And I try to explain why. There are a lot of entrepreneurs who create and develop different projects. The y have a local team and pay salary for their employees. These people spend this money in own country. But sometimes other countries offer interesting opportunities to develop business without any taxes.

Why wouldn't you pay taxes on cryptocurrencies? My opinion is that as long as we live in a civilized country and use the public system we should pay taxes on income.

If you're paying taxes on the income from capital gains, forex trading, your business profits, etc. Why wouldn't you pay for the crypto income?

Create your own lobbying group as I believe that no governments would ever take online petitions seriously, moreso that it might contain votes and sentiments from outside their jurisdiction. This is bound to happen on most countries as crypto continues to be accepted, recognized and traded on the regular. The best you guys can do is to petition a fair and just taxation laws and accept it. Nothing has been finalized yet. You still have the luxury of time to get working group and express your side to the SoKor government.

so sorry about that mate, but it's the government and it has some level of authority to implement come rules if they see the need. Not that i am in support of it but i think it would be very effortless trying to write petitions about this. Moreover, most governments have never been a fan of cryptocurrencies and the whole blockchain technology at the go. The power that it takes from them is enough to let them shut it down. If i were you i would find other alternatives to run my business successfully than trying to fight back in situations like these.

I think South Korea is starting to legalize Bitcoin because they are accepting it and I guess that is not a negative thing even though you are in the negativity of things from a positive standpoint of most people that another country like japan is surely giving acceptance to cryptocurrency mostly Bitcoin, I guess there is no stopping this if the government of South Korea takes action regarding this even if you have signed a petition regarding the subject I guess you just need to embrace a little change that you will encounter regarding this and besides I think a little tax will surely not hurt you a lot.

South Korea heard about news China want to legal using bitcoin as transaction payment and make they want to adopt bitcoin too, bring positive price for bitcoin if South Korea want to adopt bitcoin because they are very developed countries in the world and Asia become most friendly for investing with bitcoin and altcoin, by adopting bitcoin in South Korea very easy if travelling there only using bitcoin.

Lately I keep hearing that the govs starting to regulate bitcoin and it won't be good for btc. I guess this is one of those steps. As I understood from your expressions, you also don't like this decision of the South Korean Government. Holders probably won't be affected much but it is not a good feeling to get taxed. I can't tell the exact reason but isn't being regulated a good thing for crypto? I mean It means that the govs acknowledge crypto... It is better than banning them...

They have 2 options:

1-Ban crypto
2-Regulate crypto

Which is the worse choice?

Actually if you make a petition online about bringing down taxation all in all then almost all citizens of korea will sign it but the truth is such a thing would never get accepted. Governments know that taxes are important and people have to pay taxes one way or the other. Moreover bringing Cryptocurrencies into tax domain isn't going to spark much of a revolt because most people aren't even into crypto. Therefore, these things really won't work.

gradually other countries will follow the bitcoin trend, and the government will use this as state income by giving tax to crypto holders, there is nothing we can do but keep up with the times, online petitions will not be effective in stopping all that.

So if they tax crypto, how will they do it? At the exchange? What if you use an exchange from another country?

Or they expect everyone to be nice and declare their assets willingly?

My country gov also licensed some exchanges and even set up one themselves, but no one uses it. In theory, nobody should be "sending" money from abroad without paying some tax, and they do tax the likes of Western Union.

Since the beginning i always found the idea of taxing Bitcoin nearly impossible. Even if you willingly surrender your data, you can always keep "hidden" wallets undeclared. The money doesn't really ever cross borders, while its all over the globe at the same time, so the idea of taxing based movement across borders is... silly.

But maybe they plan to give some consumer protection from rogue exchanges. As long as the use of local exchanges is voluntary it shouldn't be too bad. They would also be able to tax those exchanges directly and their clients, perhaps take a cut from the exchange fees.

And it would be a laughable joke to legalize mining in the country with the most expensive electricity in the world. Hello from the country with the cheapest electricity! We don't have many large miners either, its too risky, unless you somehow have ties with those in power...

If that's the case then OP should start persuading Korean citizen through their local board (https://bitcointalk.org/index.php?board=82.0) but I guess OP was also trying to get some insights from other forum members which is why he/she open a topic on Bitcoin discussion because maybe OP thinks that most of the trusted member is lurking on this section.

I don't agree with taxation but if its the only way for Bitcoin to be fully adopted so be it.

I think in whatever countries the bitcoins is not banned or illegal then it is actually legal or whatsoever , giving bitcoin's legal status would actually be really good for the investment parts because people who thinks very conservatively , who needs to be secure about their money and all , would for sure start investing .
It is actually a good thing and many countries will think of it as an example and might be good .
But legal things can be really negative too , now government can internally toy with it , they way they want to.

The fact is that such petitions will lead to nothing, since the decision on taxation of cryptocurrencies is made by the government.I don't think they can change their minds because of some petition.

Just a mere online petition is not going to make any difference and please help me understand if everyone adopts crypto and uses it to pay their bill, service providers and business then government is losing out on tax as it's as simple as tax evasion just because you are using crypto as a mode of payment. I think it's our duty to pay tax if we are earning through crypto as well and fall on the slab of taxable income.

Don't just focus on the "tax" section, there are other big points when I read the news.

http://www.thebchain.co.kr/news/articleView.html?idxno=5981

The tax mentioned is a post-activation policy if the industrial revolution committee that encourages the enlargement of the blockchain industry is accepted by the president.

The point is that if the government activates the institutionalization of crypto assets, then that will be the entry point for licensing large-scale crypto business, and is included in 2 points of innovation: social and industrial

the committee also urged that a preventive policy be made immediately so that business is adopted by government control. I think this is good because it will really get legal accommodation, both small / giant / startup companies.

they emphasize 2 points of continuous innovation: regulation and administration to accommodate accountability, and from this the tax part will be intended.

so this is precisely the green light mode for the crypto industrial revolution in South Korea, and also the foundation of certainty that businesses that will emerge will be overseen by regulations.

No government can simply pass by some economic activity and do nothing - they either ban it or regulate it and make people pay taxes. You can try arguing for lower taxes or more relaxed regulations, but there's no way you can convince government to leave crypto away. If you're so worried about taxes, try finding some legal loopholes - maybe you won't have to pay taxes if you use crypto as currency, so you can hodl and spend it instead of selling on exchanges.

I don't think the people that weren't taxed when they used, got paid or invested in crypto are really expecting the government to let this slide constantly.

It won't increase trading volumes or anything, but it still is a payment method and if they really want to use blockchain technology and build a crypto-country, legalising and recognising certain crypto currencies are actual payment methods and should be taxed is a tough pill to swallow, but one that needs to be done.

I don't know, in my country, although democracy here is far from perfect, there are official petitions to the president as well as to the parliament, and if they reach a certain amount of people who sign them over a certain period of time, they are officially considered by the authorities and an official response gets published. They can be pretty effective. Anyway, making cryptos legal sounds like a good thing, this will mean protection and safety for people who're doing business with it. But as for taxation, I think the most logical with is to apply a progressive income tax to cryptos, just like to other forms of income. I hope that if cryptos become regulated in South Korea, that'll be the choice of the authorities. But we gotta understand that the govs cannot pretend like people are not using cryptos forever, they have to regulate them in some way. So it's better to push for favorable regulations rather than for no regulations at all, I think.

Sometimes acceptance will bring also different disadvantages and one of it is the tax that will definitely favor the government while lowering the income of the traders as the fees of the exchange will surely increase.

Legality is good so we don't need to hide from the governments but our freedom will be ruined as the government will surely create new laws that will help them to monitor all the crypto users in the country and tax all of them in every transaction that they will make. I am not that sure whether filing a petition will help the traders in Korea as it is very difficult to fight a government if you have no solid partners to push through the petition.

Should crypto become a legal tender in  any country like South Korea then it is most likely that there is also the possibility that it would come with some regulations or legislations which includes a tax component. Signing an online petition would only help bring some sort of sensitization but the final decision lies with the  government.

The truth is the petition won't do much.
I am not trying to be a deal breaker or bad news breaker nor refusing to see the better side of it. But most governments bearly care about petitions signed by the citizens online. When they have set their mind to to influence certain decisions, they do it. And this also apply to the case of digital currency.

The OP should be grateful and enjoy the situation as long as the SK government has not implemented their regulations yet.
We are already heading to the scenario of having crypto as legal tender and actually been on the works in several countries already.
So no matter what, we will be heading to this situation. It is only a matter of time when those governments will finally give the regulations on how to deal with cryptocurrencies.
And giving crypto as a legal status has some benefits to crypto users. But of course, one consequence is paying tax out of it.

I don't think Korea is like that, there are some countries that have even more stringent regulations for crypto currencies, so I think only we can arrange for everything to run smoothly, because changing the government is not as easy as just making a petition.

I really understand the situation of South Korean citizens towards the government, but making a petition won't have any effect
towards the South Korean government's decision. Moreover, the petition via online, actually with a situation like this must be
thankful by the citizens of South Korea because the government does not prohibit cryptocurrency. Even though later it will be taxed.
Compared to many other disadvantaged countries, the government still prohibits its citizens from dealing with cryptocurrency issues.

But don't you think this is a little bit unfair? They are producing fiat money and making sure it's hard to counterfeit and relatively stable so they make you pay taxes for transactions in fiat.

They don't make crypto and they don't help to make it secure. They also have nothing to do with how transactions in crypto are made but they still want a share of every transaction.

I'm ok with paying taxes when I convert to fiat. I'm not ok with paying taxes like people in the USA for holding or trading for other cryptocurrencies.

I'm curious how tax laws in Korea are going to be.

As far as I know, most of the countries that has cryptocurrency activity does not impose tax because regulating a crowded, mostly decentralized altcoins and bitcoin is quite difficult. They may rely on taxing the exchanges themselves, which in turn would impose tax and higher fees to the users of such exchanges. While this may be bad, if paying tax would make these exchanges adhere to national standards in terms of security, insurance and such, and would be held liable for weakness in their platform (e.g. thefts), then maybe having tax for security isn't bad at all.

What do you mean by "taxes for transactions in fiat"? There are fees that are charged by banks for their services, governments don't have anything to do with it. If you talk about something like VAT, than it's a different story, but regardless whether it's fair or not, those taxes aren't just payments for using currency, they are used to fund all public stuff. So, if a country allows crypto as payment method, it would make sense that the same taxes would be applied to it.

I'm surprised they where not taking taxes before? All the other big countries like Singapore and the US all tax from crypto earnings.

Does this mean it you get paid in crypto and convert it into your local fiat currency your basically allowed to keep it like that, without taxes? That doesn't sound very fair to be honest and this seems like a good move

I wouldn't be surprise at all during the fact of how fast is the pace in Asia when it comes to cryptocurrencies adoption and regulation. South Korea in the last years are climbing the mount if economical status with some crazy skills and we're taking about infrastructure, movies , jobs , cryptocurrencies, import-export so no wonder why they're about to make an official statement about Cryptocurrencies as they know for sure this will boost economy even further.

That's also the same question in my mind right now, from where I am. the government already implementing taxes to the exchange so each time we converted our crypto to fiat it will automatically being taxed. It will will be a good indication if you will look for long term as your government is now working with crypto and seeing the possibilities to impose taxes that will be useful to your country.

Not that bad either, if we will let government to tax cryptocurrency, it is much better that they create their own cryptocurrency with tax, because if they will incorporate taxes to cryptocurrencies such as bitcoin, it is not fair. Most of the time, we need these taxes, but they will take the soul of cryptocurrency such as bitcoin if they will force people to pay taxes while using it. Regarding to the topic, we all know Korea is being one of the most active adopting country to cryptocurrency. They have also good governing system, if in any case they implement such acts like this, let's observe and see how it will behave. Not all tax associated activities will bring negativity to the community.

We know that every country's government need money for its maintaining all over the territory, obviously, this money comes from tax and another income, so no government will give up the tax opportunity because it's the main source for them, that's why South Korea also depends on tax to run a country, In this sense, either the cryptocurrency will get in a regulation or become ban, if the government will focus on this cryptocurrency then regulation is the main tool, now you have to decide which is favorable to you, either giving tax or getting ban, I think legal status also brings some barrier towards this platform.

It is a very sensitive issue because investments in cryptocurrencies can yield significant profits and governments want to pay taxes for it, in addition more control is desired for the possibility of money laundering, in the case of South Korea the good thing is that the market is quite developed, however, in other countries there are still many doubts and a clear legal framework can be favorable, however, the spirit of cryptocurrencies in terms of independence must be preserved.

If it happens I think there will be a good and bad advantages of it.

Good advantage:
More and more people will be aware to cryptocurrency , many traders in stock market will pay attention to crypto, they will invest and put their assets to it. Many banks will be open for crypto and they will put partnership to some coins and even exchanges. Other countries will follow what South Korea do, it could be a sign for them to legalize it too.

Down side:
Taxes and cryptocurrency regulation will be made. Transactions are now can be trace too.

This is old news. They have been planning this for quite some time. The government first announced that they will be ending the tax benefits for Bitcoin sometime during mid-2018. As a first step, they had made cryptocurrency exchanges ineligible for the income and corporate tax deductions, which are provided to small and medium-sized enterprises.

This was a major blow to many of the exchanges. For example, Bithumb paid 27.2 billion won as corporate tax on its net profit of 250 billion won during 2017-18. Under new rules, they are liable to pay almost double that amount (close to 54 billion won). For the past several years, the finance minister (Hong Nam-ki) had adopted a hostile stance towards cryptocurrency and I don't expect it to change anytime soon.

I've seen a lot of online petition and I bet it won't work unless citizens won't make efforts to stop it. Do you think that online petition is already enough? No. Even if we all sign that petition but it still lacks pursuing from the citizens of Korea, government won't notice and make an action for it.

Why are you so afraid of tax? Everyone is responsible for paying tax. It's for the people also... Look at the brighter side if they officially legalize crypto, it can help for awareness and protection.

Is there really no tax imposed on cryptocurrency in South Korea? Please don't curse your government if the concern is its plan to tax cryptocurrency transactions and gains from trading. Other big and small countries are taxing their people when they are into cryptocurrency as the government has the responsibility to raise revenues for all of its operations and programs. One the government will be implementing a tax system, taxpayer can demand more from the government and you all can criticize it of any corruption or wrongdoing. This is a shared responsibility by all people and not one should feel privileged nor exempted from getting away in paying tax. Remember always: Tax and Death are the only very certain in this world we live in.

I also do not want to be taxed from crypto and I sure hope my government will not take action as for now but if they will eventually do it, I will comply.

Your government had been planing it since last year, there were plenty of time for you to prepare for it and probably save some money to pay for your tax when invoice come. If you earn from it, then its fair to give back. I don't think a petition will help for not paying tax is like cheating the government.

It seems that the period when the cryptocurrency was not regulated and taxes were not paid on income from it, is passing. Now all states are considering the possibility of establishing taxes on profits in cryptocurrency and this is quite natural and logical. Any state has the right to establish taxes on any type of activity of citizens that brings them income. If the government in South Korea does this, citizens will be required to pay such a tax. Otherwise, the government will be forced to take retaliatory measures, including by restricting or even prohibiting the circulation of cryptocurrency.

It's one of the advantages when the Korean government recognizes them as one of their accepted currencies in their country, It also a major drawback like the OP said it will come to the point that the user on their country will be taxed. But remember even you are taxed, I'm sure it will bring more advantages like being used it on the different merchant in the streets, I don't know how much the Korean government will be taxed every transaction on bitcoin in their country but it will be small for sure  ;D

There are other countries that are being taxed on their own country but they aren't complaining about it cause it's not too big to complain about and It's better than to be illegal.

I appreciate the policy of the South Korean government towards cryptocurrency. They accept this openly, taking into account the important points to reduce the adverse effects of misuse of cryptocurrency that has been feared.
https://i.postimg.cc/D8bXrD0b/trader.png (https://postimg.cc/D8bXrD0b) As one of the countries with the most traders, South Korea has taken a strategic step by carrying out South Korea's financial regulator's plan to directly manage cryptocurrency exchanges. Please read the full news here (http://www.businesskorea.co.kr/news/articleView.html?idxno=34677).

Polls usually never have any effect on governments or companies, name one petition that was able to change the outcome of a situation people didn't like. Doesn't exist.


I don't see any bad things that are coming from this case. It isn't meant for customers to not be paying tax on crypto earnings and it definitely isn't fair for the rest of the country and world, this means mass adoption at the costs of an unfair advantage.

Does this mean you think that things like capital gains tax that people in the US have to pay for holding Bitcoin is used to fund public stuff?

And how about war games and nuclear weapons research that is funded with your taxes? Is that fair?
Banks do not produce money! The government does and in my eyes it's fair they want taxes if we use their legal tender.If we don't it's a different story. The same taxes should not apply to crypto because crypto has no production and maintenance cost unlike fiat that you have to print, mint, and distribute.

I'm not going to argue whether taxation as a whole is right or wrong, this is something that people should decide for themselves, and then understand the consequences of their decisions. What I'm saying is that logically there shouldn't be much difference between fiat and crypto taxation and same principles can apply to both.


The cost of running fiat currency is just a tiny fraction of government's budget. No one will bother factoring it into taxes, especially since fiat becomes more and more digitized.

If you don't want to pay taxes on capital gains you can go to Portugal, I have understood they make things easy for investors to obtain nationality.

check:
https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
https://news.bitcoin.com/why-portugals-tax-free-crypto-trading-matters-for-bitcoin/

Strangely, people want BTC to be legal, but when BTC is considered legal, people don't want to pay taxes. If BTC is legal, then paying taxes is obvious. Before you do this you have to learn about tax rates.

Taxes will only happen buying, selling of, investing in, or using bitcoins to pay for goods or services, it cannot be taxed as long as you don't use it or better just hold it or spend little by little to avoid taxes. Taxed is needed to stop government banning crypto since it's only the cons they see of why not implementing it yet.

I think this comes along with crypto mass adaptation. Once crypto is recognized by the government there is a high chance that it will be treated as an asset and it will be taxed. Korea has a high potential in regards to crypto since they are one of the country in Asia that is prominent in regards to technology.

I think the imposition of taxes on cryptocurrency is not a big problem. it is our duty as citizens to pay taxes. and this tax is used to build the country so if we can afford to pay I think it doesn't matter. the south korean government is aware of the great potential possessed by bitcoin and cryptocurrency. so they made this rule.

I agree. I actually don't think any government pays attention to an online petition, I haven't encountered one yet.

I am actually torn if we want crypto to be legalized or what? Crypto people always shout out to legalize the use of crypto but then now we're shouting not to make it legal? I am confused.

It would be great news for koreans. Every crypto countries are somehow wishing for it to cut the notion about bitcoin being scam, etc. It would help to increase more the confidence to invest and trade cryptocurrencies. If South Korea can give crypto a legal status then why not with other countries, right? Eventually it will soon spread in other government leaders and futuristic politicians.

Seeing Korean people 's enthusiasm for crypto I think this is a great opportunity for the government to impose taxes, where they get more benefits just by imposing unilateral regulations. like the above review will not increase trade volume but the government only sees this as a good opportunity and opportunity without thinking about impact.

I thought they already legalized the market and all the exchanges are functioning as per the rules and regulation set by the government and they could spend bitcoin in stores.

Does the government having a hostile attitude and extra tax for the crypto exchanges or are they collecting the tax as per the normal standard in Korea, if they are only collecting the normal tax slab you cannot call it a hostile attitude as you cannot exempt one sector and collect the same tax from other sectors as it will create further issues.

I don't see anything bad here as it is for the good of the Korean nation as well. Maybe big time traders are affected by this because they have to pay taxes to the government, which is really hurting them because they hold big amount of crypto.

but that's the sign of legalization ,and this means one thing that Korean Government is really serious in adopting cryptocurrency and next step to the future.i hope each countries will do the same action and support the growing numbers of cypto enthusiast.maybe there are some factor to consider since traders will be te most affected people here but if they will be treated fair i am sure understanding will come and the decision will be finalize in favor of two parties the Government and the crypto community

No, the South Korean market was never fully legalized I remember. They gave ICO's and exchanges the chance to operate there and didn't ban them from running their companies, but it was always in a grey spot, and I am assuming that this move is going to tip them over the edge and make it fully legalised.

Not hostile at all to be honest. It was never fair for crypto businesses to get away with paying less tax and it might have been a good strategy because people where definitely more interested in running crypto companies since the government was more lenient on them, but now it's time to face reality and pay up to the government.

South korea is completely working on legal framework for crypto currencies in the market This framework may open new countries to form legalities

I can feel you op. In Philippines there are also ongoing sessions on our lawmaking body that studies on how to effectively implement taxes on digital currencies and other forms of online activities that generates income. I don't really have problem taxing crypto. What worries me is the size or percentage they will charge. I am in a country where the working class are paying a minimum of 30% on taxes while the rich and big companies are charging their taxes to its clients and customers. 

The positive side on South Korean implementation of taxes on crypto is its legitimacy. I believe there will be more people in South Korea investing and utilizing crypto because of its legalities. 

When my country open public for discussing about bitcoin and altcoin become legal currency payment? We need change our payment system from slowly transaction become faster transaction with using bitcoin and altcoin as payment currency, many country have adopt bitcoin become legal and now south korea have start for discussing with legal for bitcoin and altcoin, when my country want to make bitcoin allowed for every transaction kind?

It is not only South Korea that is in this situation.In this case, many on the local branches need to do the same.Petitions are good, but in General are unlikely to help fix the situation.Against regulators and governments, these petitions are powerless.It's a fact.The second side of the question does not allow me to calm down-how will the taxation of cryptocurrencies occur?If there is a ban in one country, it can easily be circumvented in another.It's a vicious circle that's not so easy to break.

Their government will surely take cryptocurrency as an opportunity to tax users. We can't change the fact that the government will only accept it if they will gain something from it. However, it couldn't affect most of us users negatively as long as we're able to find ways to earn. South Korea is a huge country so the legalization has a huge impact on its growth.

this news is not interesting for investors and bitcoin users in South Korea if in their country currently have to pay taxes if using bitcoin and other cryptocurrency and in my opinion this is very beneficial for their country and helps economic growth because for bitcoin users who have to pay taxes every month , especially we know that South Korea is currently adopting a lot of bitcoin throughout Asia.

Is it really too bad for the South Korean government to impose taxes in cryptocurrencies. I mean that aren’t you being too greedy? Isn’t it a part of your responsibility as a citizen to pay taxes since it would be used for the country’s prosperity. As long as the taxes are reasonable and the taxes would only be imposed with reasonable minimum income stated by the law earned in crypto then I guess there is no problem there.

South Korea has always been viewed as one of the most Cryptocurrency friendly countries in the whole world, I am surprised when I saw this news because I was thinking that Cryptocurrencies were already legal in the country, atleast it's not illegal because South Koreans are one of the biggest investors in the space and even the biggest messaging service (Kakao talk) had their own Cryptocurrency project, I would play my own part though.

I didn't think that people will support you in the aspect of writing a petition again them for taxing cryptocurrency because it will get to a point that virtually all countries that will adopt cryptocurrency will do same thing and this news is even more encouraging that Korean government would not be banning cryptocurrency, and one question that you need to ask is if you prefer them to create a taxing system for cryptocurrency, or to declare cryptocurrency as illegal, the choice is yours, but for me, I would rather prefer they tax because I don’t see why we should run away from tax.

They are not stopping us from cutting the third party off our usage of bitcoin now, but for the part that is more important to government is taxing which you will be offending them greatly if they don’t get to tax.

Yes, but Korea is still staying neutral with crypto for now. This is still a possibility and more consideration they need before they finally legalize bitcoin in their country.
If they implement the tax in crypto, it is for the good of the country, and I don't see any bad thing about that.

Also, if they add taxation, it is their decision on what source of income they will apply.

This action by the South Korea government is good thing to officially make cryptocurrency legal. Legalisation does not necessarily mean that people will be taxed for using cryptocurrencies. It means the country finally recognised the use of cryptocurrencies as a legal entity. People with companies or platforms that provide services in the crypto ecosystem are the ones who are likely to pay some taxes for their services they provide to people. Individual people are not gonna pay taxes for owning cryptocurrencies...

Korea has really been positive with Bitcoin, when in fact, their financial regulatory bodies as per reports last year, it was reported that they will support normal crypto trading.

Actually, South Korea is the 3rd largest market for Bitcoin trades all over the world, this is according to the report by BBC, as their demand there gets so high, so this dramatic increase in interest by Korea to crypto investment is one of the reason that they will legalize crypto there.

You said it all. They don't want banning and restriction but now that they were given a chance to legally accept bitcoin on their country, they're still not contented and still find something to complain about.  In exchange for legalization, you have to pay taxes. They only want to benefit but don't want to suffer a bit but it's not always like that. When in fact, it's for their own good as well, we still the one benefiting from the tax we pay.
Personally, whether if it's legit or not, I see this as something good about bitcoin and crypto.

Is it too much to pay for taxes of cryptocurrency in their country? They should be lucky to have bitcoin as legal on their country since not every country do like to make bitcoin as legal. People just wanted the free money they don't want to pay the people who make it possible to have a legal agreement about cryptocurrency.

South Korea is one of the the countries that are highly interested in cryptocurrency market. It is very good to see that South Korea government is discussing to make a cryptocurrency legal in the country. Maybe, that action could create a hype among other countries.

Asian country become most interested with bitcoin as legal currency payment, after China want legal using bitcoin and now South Korea have begin for discussing with bitcoin become currency in their country, many interested with South Korea people make government want to adopt and use bitcoin as legal transaction payment for the future with discuss first with their institution.

I'm literally proud that South Korea is getting used into crptocurrency, their country is getting better with the use of technology. Koreans are good at making decisions, maybe it's their advantage to do good decisions in the market.

While here in my country, even we have a lot pf platforms that accept BTC and a lot of users/investors but didnt even get successful in life because most of it are just self desires and greedy. I can't blame them since we're on a third world country, life is getting crucial.

If they legalized the crypto in the South Korea then there is also a big possibility that the tax in the crypto will occur and will be done. One of the great thing why bitcoin and other cryptocurrency are keep on processing is because of it's tax free and this is also the reason why it is very strong of being a decentralized.
If the government try to legalized the crypto in the South Korea then probably the government can control the cryptocurrency in their country and the investors are the one who will hurt about because they will be paying taxes once it was implemented.

First off, who told you the South Korean government will tax cryptocurrency traders? Did the South Korean government outline paying taxes for cryptocurrency investors or what? As per as I know, the South Korean government is very impressed with cryptocurrency, they like cryptocurrency and also South Korea is one of the best cryptocurrency safe haven on the planet just like Japan.

South Korea gives big importance to cryptocurrency market. I think it will not be surprising to see them be the pioneers of a crypto legalization. If they make it real, this will also be a brave move when other countries are not willing to do such thing.

After japan now it is time for south korea to launch their own crypto regulation by this regulation we can expect more countries to follow regulation and this regulation will bring positive approach for crypto currencies industry

I don’t understand where such pessimism comes from if half of the crypto exchanges were not liquid from the very beginning. They do not have a unique offer to withstand competition and there are so many that they do not meet demand. I think it’s better to keep strong exchanges that comply with the law and have a license.

You forget that half of the cryptocurrencies will also disappear from the market and a new generation of coins will come. These are ordinary processes. The market eliminates weak players. This is better for investors. I understand that it may happen that the remaining exchanges will dictate special conditions, but the creation of new exchanges will continue.

They badly needed the regulations because of too much hacking incidents on most of the exchanges there and I hope this regulations can be more strict on exchanges because we lose too much money from the hackers. Yes, if bigger countries regulates cryptocurrency then we can expect other countries to think about it. We are not in rush on regulations, let’s be patience and every countries will adopt soon, we will mark the next 10years of cryptocurrency with a lot of good news.