Korea To Tax Bitcoin Use

[Tony_Nguyen]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

That's suck. I hope that they plan to pay us some money to recover the losses from trading/ investing too.

[Yzhel]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

That's suck. I hope that they plan to pay us some money to recover the losses from trading/ investing too.

I heard that Korea will ban all cryptocurrency? right? It is better for them to tax crypto rather than banning it at least you still earn profit from it rather than earning nothing. We must be positive always, of course if your people are earning you as a citizen is oblige to pay right taxes as well.

[dewi91]

not easy to legalized bitcoin in a country.. the country who will accept bitcoin certainly want to some advantages, the one of advantages are tax.. because the tax will increase the state's income and help the economy of the country..

[Tramle091296]

It is Good i think for them if they want to get a tax in bitcoin its their decision. if its really can help they economy raise and be successful why not. some people do not recognize it and don`t want it but as long the republic of Korea want it we cant counter them cause its their decision. i think more country and more country will do the same like Korea.

[windsee]

Will by tax paid by bitcoin or fiat currency? If its paid by bitcoin, that means Korea government formally recognize it?

[Freebieindia]

India has already started to Tax profits on Bitcoin where you will be taxed 20-30% on your profits depending on long or short term investment .

[icanscript]

India has already started to Tax profits on Bitcoin where you will be taxed 20-30% on your profits depending on long or short term investment .

And how to control it?
Do you need to indicate the profit in the reports yourself?

[Dudeperfect]

I am not sure about other countries but in my country, we are bound to pay certain tax on the gains made through Bitcoin. I recently talked with the vice president of one domestic exchange and he said that paying 30% tax on the gains by showing the gains under income from other sources is the best practice as of now because there is no tax rate above this level and hence government cannot raise any objection on such gains in the long run when it will recognise Bitcoin through legal point of view.

[ranman09]

India has already started to Tax profits on Bitcoin where you will be taxed 20-30% on your profits depending on long or short term investment .

And how to control it?
Do you need to indicate the profit in the reports yourself?

Yeah may i ask also, how are they able to take tax out of those investments? Or maybe its the exchange that puts tax before you can even withdraw or take profit? Please tell us.

[Winner]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Technically the Government can do whatever they want if people are using Bitcoin to get more of the Governments money.

[BlackRacerX]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

I don't really know how koreans will ever do this but the way I see it, the government will be taxing their money from bitcoins the moment they cash out. I don't know why but it seems to me that the SK government is just trying to fishout some money out of bitcoin transactions in their country.

[orions.belt19]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

That's suck. I hope that they plan to pay us some money to recover the losses from trading/ investing too.

I heard that Korea will ban all cryptocurrency? right? It is better for them to tax crypto rather than banning it at least you still earn profit from it rather than earning nothing. We must be positive always, of course if your people are earning you as a citizen is oblige to pay right taxes as well.

Regulation is better than a ban. The korean government must have wanted to impose taxes in order to generate revenue and at the same time, control the huge volume of bitcoin transactions in their country. It's probably to avoid money laundering or illegal activities through the use of bitcoin. The government always puts the interest of its citizens first and cater to their needs by ensuring their protection and security. This bitcoin regulation is just a safeguard for their country.

[winyau8888]

For this is a big meal. Not only SK but very government want to get hand on it. And most of them do not know how to do. If they do it the hard way, it might collapsed. So, I think they will do it slowly until they can manipulate. Patience is the key, so do we. If that is the way, we should go under the radar?

[nareshrohra]

Well, its not bad to pay taxes if you have 400% growth in few months. What I don't like is you cannot declare losses if you had any. They are just one-sided in most of the countries. It is like "if you lose that's your fault we had just warned you to invest in it. If you gain, you need to pay tax"

[winyau8888]

Maybe you are right. No offense. But do you know the dark side of this government when they claimed they are capitalism and free country?

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

That's suck. I hope that they plan to pay us some money to recover the losses from trading/ investing too.

I heard that Korea will ban all cryptocurrency? right? It is better for them to tax crypto rather than banning it at least you still earn profit from it rather than earning nothing. We must be positive always, of course if your people are earning you as a citizen is oblige to pay right taxes as well.

Regulation is better than a ban. The korean government must have wanted to impose taxes in order to generate revenue and at the same time, control the huge volume of bitcoin transactions in their country. It's probably to avoid money laundering or illegal activities through the use of bitcoin. The government always puts the interest of its citizens first and cater to their needs by ensuring their protection and security. This bitcoin regulation is just a safeguard for their country.

[taiwww]

All government taxes all currency trading. Governments run on taxes. Korean government is collecting taxes on bitcoin income, but it does not accepting bitcoin as mainstream currency.  In a statement Korean government said “it will consider taxing capital gains from trading of virtual coins and will also ban minors from opening accounts on exchanges, according to a statement obtained by Reuters ahead of its official release”.  Income has nothing to do with source of income. In india bicoin is not officially legalised by the government but government is considering bitcoin income as Capital gain & collecting taxes thereupon. Same is the case in USA. Taxes are the main source of income for any government they will never let it go.

[Canoppo99]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

It is good for korean government, hopely tha tax rate is not high. And this is good for bitcoin, its mean that korea's government is regognize bitcoin. It will make the market be more positive for bitcoin.

[primeminer]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

taxes are used to build the country in order to grow and therefore all business and income must be taxed, therefore I think it is natural

[claire]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Unless someone cashes out then how can they even regulate it unless they do it through business, but even still it is like a black market and easy to hide.

[AjithBtc]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

taxes are used to build the country in order to grow and therefore all business and income must be taxed, therefore I think it is natural

Yes, taxation is common with each and every form of income or for assets. What I think is to have a tax free living like very few countries around the globe. This will let the people have a mentality to support the government, you might raise a question how will the government operate. For this each and every sector need to operate through government. This will end corruption and other economic defects.