Bitcoin Forum

Am i reading this correctly and why not posted here before?

Or not as clear as it seems?

https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy

i guess now anon accounts are banned the individual will be taxed as income or cgt

looks like they are back in the game anyway

china next?

better than a blanket ban right ... or not?

Is this not a good thing i see many see it as a negative announcement?

Back in the game? Paying 24.2% taxes? I don't think so.
With so high taxation (I suppose it was much lower) I think the exchanges will move to other tax-friendly countries to avoid it.
At the end, all the taxes are paid by the customers. Bithub would increase the fees due to the higher taxation and the people would move to other crypto exchanges because of this increase.
What remains is to find out what will happen to the 200000 signature petition.

24% tax seems to be exagurated,koreans arent too dumb to pay for that clearly the government wants the full control about cryptocurrency trading and i dont think most of traders would agree.Surely most of the big players in there would move to another place like HK who doesnt have any regulations yet.What the heck are they thinking?cryptocurrencies are decentralized currency putting taxes on it will looks like it is a centralized like what fiat is.If im living in korea right now and i have decent amount of BTC i will migrate to other countries.

Everything is great.. the world is looking for the best way to adopt cryptocurrency
when one country will find a good way to do it, other countries will follow
i prefer regulated market

It is good to see regulation imposed on exchanges, this will make crypto market legal, registered and taxed, this will eventually be good for market as investors confidence in crypto market will grow so will there investments.

If your mind set is that do not use cryptocurrency go back to fiat instead,cryptocurrencies are decentralized theres no way it could be regulated,no county and no one will ever regulate our community.This is too bad for these koreans,paying 1/4 of their income is insane.Would you want to pay 2.75BTCs out of your 10BTCs? giving you a 7.5BTCs?

So this means crypto is now legal and regulated at the same time at S. Korea? I wonder what happened to the exchanges that have been raided by their government.

Seems they just want some buy back last week, well i don't know if the news were sfill legit but I hope that it will no longer restricted in South Korea since I want to have some vaction there soon using bitcoin of ever, but since they were together last banning with China they also made an impact on redblood crypto laast week.

I think that it's much better to move to another region. As for me, 24.2% is too much. I think S. Korea will lose it's potential with such a huge taxes.

yea I read this earlier. its better than a blanket ban but it may take
away a bit of the allure of getting into crypto in a way. Im not so
sure this means regulation on a wide scale.

I think this is good news as we will see some people in south korea
coming back into crypto and I understand a countries need to
implement regulation to curb some people stupidity and greed but
it does to a point introduce governments meddling and regulation
in what we would percieve as that which was to be a stand alone
peer-to-peer payment system as was initially invented.

But that's terrible news for all. Especially south Korean already announced to implement new bank system to synchronize all of the accounts that already created on the exchange site with Korean bank database. They are saying it's all about to give taxation in every act of exchange site and users.


There will be no more privacy if you are using centralized exchange site, let them all move to the real decentralized exchange site.

Agreed. That high level of taxation is hilarious. I bet they did it just to turn all using of exchanges not profitable. Now they can say "crypto currency is legal here" but in real nobody would use that opportunity.

with 24% tax? that's a huge tax, but if we pay taxes, we can get the same benefits, maybe it sounds fair, like a better security level and guaranteed by the government. if it is the same, maybe the only way is to go to another country

I agree it's not too bad... it's a matter of what you are used to.
Whoever is finding this rate ridiculous, is not living in one of these countries I'm sure:

https://www.worldatlas.com/articles/countries-with-the-highest-taxes-in-the-world.html (https://www.worldatlas.com/articles/countries-with-the-highest-taxes-in-the-world.html)

I don't think anyone in Belgium would complain.
I agree it's more than I would like to pay though  ;)

It's a good thing, legalising crypto will help it to enter the mainstream. We still have to pay income tax anyway, what difference does it make if your income is from full time work, investing in gold, properties, bonds, stocks or crypto? It is still a income tax, someone have to pay for police force, firefighters, doctors, new roads etc. let's be realistic here. If you want to avoid paying taxes by using crypto you are a criminal.

Now it is the best way to accept it because soon many other countries will follow the South Korean decision. The tax % is quite high but accepting is a good deal and it is going to be big competition for other countries.

I think some people who commented here didn't even read the article, it says that south korea will put tax 22 percent corporate tax and a 2.2 percent local income tax for "cryptocurrency exchange", it is not a tax for cryptocurrency traders. I don't think that it is bad and I found it reasonable because exchanges should really pay their taxes because they earn a lot of money from this. Exchanges have no choice and just pay their taxes, it is better to have a tax than banning it right? so yes they are back in the game. But the question is how much tax will they put to traders gains.

Thats what i am thinking,if most of the banks in korea will be implemented its new banking sysyem to the cryptocurrencies each transactions would be accessible to anyone in their government.There will be no privacy because each move will require you to pay taxes that are being recorded in your bank accounts.

South Korea is already back in the game guys.. They just made all that FUD to rebuy at a lower point, maybe they missed the boat or they sold to early. It will be the same like with china and that huge dip last year.

Great to see SOUTH KOREA back on the team and this proves how far this blockchain technology is yet to go, and more countries need to come through to support bitcoin and all other cryptocurrency projects to grow this crypto market

This won't be helpful for the crypto market.

this will bring about high transaction fees and it will be like it was in the fiat market.


this will bring about a slow growth in the crypto world unlike what we saw in the late 2017.

but its better than complete ban.

Well that could be a good sign that crytocurrency is being adopted by people around the world. Since South Korea is a first world country like Japan, this could be a future for many like us who believe in crypto world. As South Korea is back in the game now, I'm sure there will be more countries who'll follow.

It's about what I expected, I think it is good news - news about countries 'banning' crypto is generally just an indication that they want it regulated, they are scare stories that cause prices to plummet. I think that regulation is inevitable and a lot of countries will follow South Korea's lead. What will happen with privacy coins and how this might work on a global level is anyone's guess.

I guess,that It's better than full ban ;) South Korea the 3rd market of capytalization in the world

You guys are crazy, 25% taxes is good. What did people expect, no taxes? It's income, and it's taxable, that's how it works.
Sweden have been taxing us 30% on crypto for a while now.
Shit if you're mining and earning a lot you could be taxed up to 70%.

I think that over time, the tax will have to be paid to everyone who earns in the market of crypto-currency. It is the matter of time. The state can not completely prohibit crypto-currency. They understood this and went the other way.

This is a good news... they will not intend to ban crypto anyway...the blockchain technology beside crypto is so important in Asia

It's a good news thay South korea is back into this game but i think 24% is a bit too high, i don't know how is the public service over there but if it's good then at least people can still enjoy the tax money. The potential in crypto is big so i think crypto still popular over there.

Eitherway there will be some taxes to be implemented,theres no one could stop this.It is better to have some taxes out of our cryptocurrency trades,its much better people will be educated to what is cryptocurrencies and Bitcoin.For me this is better than putting cryptocurrencies to trash when the countries started to ban it totally,thus to what ive said earlier people will have some knowledge about crypto might trigger local people to join our growing community.

It ok to pay 24% tax than banning cryptocurrencies, everything you will earn on the trading and investment will the government gets 24%, a sure thing for an extra income for tax. it is okay if we are always on the winning side. but, how about when our investment lose? will they give the 24% back on your loss? just asking!

Yes thats true.

I can not argue about the amount of tax 24.2%. Maybe for Korea this is normal. But the market reacted positively and this is the main thing.

Most of the people commented here doesnt even read the article,24% tax for the corporate companies like exchanges and only 2.2% tax will put to the locals.Meaning the citizens,will only need to pay 2.2% of their cryptocurrency income and thats a reasonable percentage if you can make 300% from your trades monthly that will be small portion of your income.

haha... I have read that news before and I do not sell my coins. why they have to ban Bitcoin when they can collect tax from it. The market will recover soon after this information.

True, but what if you don't make 300% though? ;D

Also, I don't really get why SK would want to be back in the game after trying to ban cryptos?

Article only talks about taxing exchanges for profits they made, not individuals trading. For exchanges to pay tax on profits - don't see any news in that. Even if they levy same tax on individuals (probably it's a different rate, but still) it would only be good news - it would clarify an official position and allow people to live peacefully. Smaller players who do not want to pay taxes can always use decentralized exchanges and localbitcoins or equivalent.

I think it's too hard measures and the other countries will not follow the example of South Korea.

I am confident that due to such government decisions decentralized trading platforms will develop much faster. And soon we will see a very strong Monero market)) The era of private coins is coming.

24 percent tax is nothing in the crypo world. When there is a bull run it can rise 24% in one day so they can just cash out then with no ill effects. The South Korean government just wants a piece of the pie without having to take any of the risk themselves. Smart move and I'm sure other countries governments will follow as well. Better invest in privacy coins and DEXs to trade under the radar, cash out somewhere else!

I don't see why this should come as a surprise? Of course exchanges have to pay taxes of their revenue just like any other company does? Nothing negative in it IMO

I think they moved one step closer.

https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

Now everyone's information is being shared with the Banks. Don't like the idea, but if this is one way for the South Korea to be back in the game, then they should welcome it.

I guess its not that bad, assuming that you are earning well beyond the normal South Koreans do. From where I lived it, taxes is as high as 30%, yep, I said it right well above 1/3 of your monthly salary.

Read the link and see that they are back but with stiffer regulations. KYC/AML, trading platforms accounts is being shared with the banks..

I don't think your point is valid.  I live in the Netherlands and crypto's are due to taxes, but aren't charged on income taxes.  We have a different tax percentage (1,2%) on crypto because it is considered as savings.

I believe most European countries have similar percentages like this which mean that 24% is way out of line.

I do agree with the fact that exchanges are being charged since they are just companies

I hope for recovery too. I got fed up with these bad news from Asian countries and crypto depression during this red January. Lately, I've heard positive news for the first time

Is 24.2 at this moment, well hell no. For me to launder the money costs me more.
So I will pay them and be happy and free as a bird.

This is really great at the same time it's bad for the exchange.
Most likely what would happened there is regulated exchange = Trust for the usersbut they would put a limit on withdrawing some money coming from the  exchange site and most of the profits of the devs would just go to tax. Still a recovery would be done here.

This was my first thought after reading the article. Decentralized exchanges will indeed be very much in demand

With the recent agreement of South Korea Government to start accepting taxes from crypto exchanges, means that cryptocurrencies are been accepted finally in that country. This will have a positive impact on the crypto internet space and will overhaul the entire crypto market. So the news is a welcome development. Thanks for the information

24.2% is this confirmed because this is ridiculously high IMO, I think what they are doing now is too discourage people from getting involved in Crypto but you can tame a moment they will rather move their money to another country

I suppose they those exchanges are clever enough to play by the same rules as any other company and effectively pay only 0.1% in tax on billions of revenue like Amazon.

https://www.theguardian.com/technology/2017/aug/10/amazon-uk-halves-its-corporation-tax-to-74m-as-sales-soar-to-7bn

I say let's legalize it, why not. I hate politicians and banks too, but I want to spend my crypto money freely.
Who's with me?

I do not feel South Korea was ever out of the game. They love crypto and overall they are in a good position with regards to blockchain technology. Well and they got Icon. It is all about money. As the country is red hot for crypto well government wants its share in taxes.

In my opinion, taxes are significant. However, such a tax environment generally corresponds to South Korea. In any case, expensive approval is better than a cheap ban

I don't see a problem with Bithumb paying 24.2% from their amazing profits last year.

Yes, you can always do better (go to an offshore country), but if they can be legalized inside their own country, and help a little bit their economy, what is wrong with that?

It seems that the crypto currency in South Korea was finally settled. There are pros and cons. Good, that did not close at all. The bad news is that their system: excludes the use of anonymous accounts, participation in foreigners' cryptography and introduces an age limit for participants of cryptology. Those who want to bind the crypto-currency account to the account in the bank will have to undergo a strict procedure of identification.

Despite how negative this news might look, it means that adoption of crypto is going huge. Other countries will follow suit and try to tax exchanges. It is only a matter of time before the crypto market become stable

And you are ready to give 24 percent of your capital? I guess no. And no one wants it. This is good news that goverment of South Korean have not banned crypto-exchange exchanges at all. But I would not like such a big tax

I would say that regulation is better than complete ban but at the same time, 24.2% seems to be very high tax. Just we would have to wait and see how people react to it. One thing is clear that all countries indirectly accept that cryptos could not be completely avoided but at the same time, they have started to see it has a good opportunity for high taxation.

Regulation is always better than closing down permanently, Under regulation you can continue playing and earning with cryptos and paying tax is never a bad thing. It helps the country growing. I hope China will do the same.

For me 24.2% is too much. Korean people may switch to other exchanges that do not have yet taxes. Government are doing everything just to be in control even at cryptocurrencies.

24.2% isn't that bad as it's accounted on EXIT, not on every trade.

It was expected. Governments to not take their cut? Don't forget that they are charging you VAT on every beer you drink.

Although this is not the full ban for South Korea, I suspect the information about this 24% and over fee did not make SK gays happy. I suspect many big players on crypto market might immigrate. Just my thoughts only.

I am not sure whether this is bad news or not. The tax rates are reasonable, but the attitude of the government officials remain extremely negative towards crypto-currency. On top of the new taxes, I am sure that they will create more and more obstacles for the normal operation of the exchanges.

i dont think Korea is back with this high tax no one want to pay lol,big crypto guys need time to take travel to another country to work again,then the prices blows up,
but now need only wait some news from China what happens....

That percentage is normal on their place. Yeah, this percentage gonna hurt especially if your only be converting small amounts. Anyhow, these changes will make good effects to the Reputation of Crypto.

Are you kidding? I'm not sure that 24,2% is reasonable tax. As for me, it is too much and I think many will want to find other exchanges that are not burdened with such a large tax

There's no reason to be surprised on the imposition of taxes in Crypto Exchanges in Korea. It's just a motion to control Crypto Currency and maintain balance between paper money and Crypto money, it just happened that the government acted when Crypto Currency bound to reach its overwhelming value which could make it harder for them to take action into. A 24.2% tax policy for Crypto Exchanges is not so bad either, let's just continue patronizing ICO, Altcoins, and other Crypto Currency to be updated in a brand new milestone of monetary system globally.

I think it's just wonderful news. Legalization is much better than a complete ban. 24 percent of taxes are not the biggest tax rate. Perhaps this will somehow push the crypto market to growth.

I agree, that the 24.2 percents is really success for us(cryptoenthusiasts),because if we lose South Korea for cryptoworld it will huge punch for cryptocyrrency.

I agree, South Korea is very important for us. When the Korean  exchanges were excluded from the site coinmarketcap.com, there was a real panic ... This is one of the countries with the most developed crypto economy.

I agree that South Korea is very important for crypto industry , but why 24% ?? Why not 50 % ? I bet Korean casino's have lesser tax ! 15% is a fair tax , but this is just a highway robbery.

In my opinion, 24% is not so bad, in some countries taxes are higher. In any case, the tax is better than a complete ban on crypto currencies. I believe that the crypto currency market will respond positively to this news.  ;)

But there are countries where crypto currencies are not taxed. Indeed, where does the 24% figure come from? A smart move would be to cancel the tax for a period of several years to support the development of the sphere of crypto currencies in the country.

Not a day passed without SK banning or unbanning crypto. They probably pull a straw every morning/day/night.

I am very happy with this, I hope other countries will soon do the same with what korea do, this is one good news for the development of crypto currency

They have some rules like very countries about tax. I'm not competent to speak about it so here is the link about their tax.

https://home.kpmg.com/xx/en/home/insights/2011/12/korea-income-tax.html
https://tradingeconomics.com/south-korea/personal-income-tax-rate

If your earnings go above some sum, you will need to pay another tax, so that 24% plus another tax. Otherwise the tax man can show up on your door or backdoor if you know what I mean and nail you good.

Every buisnes is paying taxes so some will have to be paid but guys don't worry there is so many WAYS to not have ANY INCOME ;D today...
Exchanges can "buy" IT work from outside the country and bam... at end 0 tax to pay, becouse you don;t have income.
You can allso by some sevices offshore ext there is many ways to avoid taxes. Most companie not pay any at end.

To impose 24% taxes is not that clever since people will just move their businesses and operations elsewhere. Moreover, cryptos is such a volatile realm, that one day you earn incredible fortunes, but the other day you may as well lose them literarly overnight. So what happens when you lose? Would the state partecipate in your losses, just like it participates in your winnings?

I think 24% is high, may be very high. They are risking to lose some of the business. And this money will have to come from traders pockets one way or another.

Unfortunately the state wants only a part of our pie, it does not want to share our risks. Therefore, people who are closely connected with the crypto currency will move to other places where taxes are not so large or where they are not at all.

Indeed, there are places much more loyal to crypto-currencies than southern Korea. In my opinion, the territory is not the most important, it is much more important for people who believe in a bright future crypt of currencies and does not mean the values in which country they live.

I actually think %20 or something like tax isn't huge deal as its not that high. But I believe it will force especially small players to operate in some other ways. I wish South Korea could make this lot less for small players..

I think this is a good thing, because the tax is to admit the entire market trading is legal, but for encryption tax money market is a bit too high, the proportion is not very reasonable, I think there may be further adjustment in the future.

South Koreans have been at the top of crypto for a long time. What is amazing to see was how Koinex(one of the Indian exchanges) when listed Request on their exchange recently pumped the price of REQ globally.

South Korea was another manipulation tool. A person always hears what he wants to hear. Therefore, I advise you to filter all the news and draw the appropriate conclusions, rather than stupidly believe all these news.

But you will probably need to pay another tax to your income. Another tax to pay in my country is around 20%.
So 20%+20%=40% is not so low as you think.

This is better than a complete ban on crypto excanges. Only I fear that the government of my country will take the example from South Korea and conduct similar tax percentages or even more. Now there is a rumor that the tax can be 50%. This is the incredible percentage

I am also afraid that my country will take an example from South Korea and make a tax on crypto currency. There are examples of countries where there is no tax on crypto currency at all. This industry is just beginning to develop and you do not need to restrict it, so I think that there should not be a tax at all.

If government is allowing the cryptocurrency the major reason would be to have a income generation through the way of taxes. Thus 20% of the taxes on profit should be an ideal one as it will help the economy of the country too to get some income through taxes on profits made during the year by investors on such virtual currencies.

listen to the guys from where such figures have fooled you at the end of 2017 sharp jump and you expect coins of such returns )))), the more players in the market, respectively, more rules and kotrolya, so forget )))

As far as I remember, a 24.2 percent tax is levied from crypto-exchange exchanges, and not from citizens. When taxing citizens, it seems like a lower rate is applied. However, if so, it is even better than the ban on dealing with crypto currency. As for the requirement to identify a person when carrying out operations with crypto currency, then most likely, such practice will soon be in most countries.

I think the main thing is that many investors and traders have the opportunity to return to the cryptocurrency world. In this situation, it is better to participate than to stand aside and watch the events.

A lot of good news from South Korea for the last few weeks. They always be here, they never left the game

This is better than forbidden

Yesterday, was a great day. Kakao Talk the service provider for major South Korean mobile messaging app KakaoTalk, will be establishing a Blockchain subsidiary tentatively named “Kakao Blockchain” and is considering launching an Initial Coin Offering (ICO), Huffington Post Korea reported March 5.
South Korean companies want to lead the mass adoption of blockchain technology. So yes back in the game

This is good news so cryptocurrency market will be more popular and bigger , also give many benefits to more people. Because actually crypto can changed many people financial's  better. This is good thing than their government ban or to be illegal of crypto in their country.

Yes, the positive moment in this event is that the crypto currency is completely legal. A negative point is that the tax is too high. In general, I think that the government could introduce a preferential tax-exempt piroid for several years, but this was not done.

I like how they went from trying to ban crypto to being back in the game. ;D

Goes to show how volatile the whole crypto situation is in the world.

That is interesting. That is going to be the 2nd future blockchain from South Korea. Would you know how Kakao Blockchain plan to differentiate from ICON? I wonder though why a multi million revenue company has to facilitate an ICO for such a project, they could easily finance that out of their Marketing and Product Development budget. Hopefully it's not just a money grab. 

This means we must be ready for a large fee for each transaction. if every country does the same thing in south korea, then the fee for crypto transactions will really be very high, and it is not impossible that people's interest will decrease.

To my great regret, we are moving in this direction. And everything started so well ... Anonymity, independence from states ... Gradually, we will be deprived of all this.