[2018-01-22] S. Korean Crypto Exchanges to Share User Data with Banks

[Rick Nolan]

The government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said on January 21.

Read more: https://hype.codes/s-korean-crypto-exchanges-share-user-data-banks

What is your opinion about S.Korean ban on anonymous crypto trading?

[malikusama]

The government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said on January 21.

Read more: https://hype.codes/s-korean-crypto-exchanges-share-user-data-banks

What is your opinion about S.Korean ban on anonymous crypto trading?

Interesting they fail to stop the cryptos and now they want to trace the assets by acquiring the control of exchanges, much clever move but it won't work.
I am too much curious that how they will going to keep an eye over all the users of the world traders on that platform, off course not all of them belongs to S. Korea, there are more than 200 countries and around thousand of banks in the world so they will need to integrate them, quite difficult.

[Beclecam]

The government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said on January 21.

Read more: https://hype.codes/s-korean-crypto-exchanges-share-user-data-banks

What is your opinion about S.Korean ban on anonymous crypto trading?

Interesting they fail to stop the cryptos and now they want to trace the assets by acquiring the control of exchanges, much clever move but it won't work.
I am too much curious that how they will going to keep an eye over all the users of the world traders on that platform, off course not all of them belongs to S. Korea, there are more than 200 countries and around thousand of banks in the world so they will need to integrate them, quite difficult.

It is impossible to track all blockchain transactions. How did the Korean government know who traded it? Can you tell me?

[1Referee]

It is impossible to track all blockchain transactions. How did the Korean government know who traded it? Can you tell me?

It has not directly something to do with the blockchain itself, but more the trades happening on-exchange. If user x has a balance of $1000 for example, and he trades his way up all the way till $2000 for example, it means that he made $1000 in profits, and that's something that person needs to pay tax over. It will be a major hassle for the government to exactly calculate what initial deposits resulted in profit, and what not, and especially when it comes to high volume day traders, but they apparantly think they can do it. If this turns out to be a success for the governments, then it may end up resulting in a domino effect making nearly all governments do so. It's the perfect way for governments to make people pay tax, because if the people themselves don't do it out of free will, the government will come and get it from them.

[iRakic]

S. Korea isn't the only country that has been affected by the attempts of the governments to "regulate" the crypto world. The word is out that France and Germany are also making plans for implementing taxes, regulations and stop the development of cryptocurrencies in any way. The S. Korean exchanges are currently most affected ones. In my opinion, this silly attempts won't stop the development and growth of the crypto. People want their rights to be honored, and their money used in the way they want to.

[CyberKuro]

is taxes regulation regarding capital gains on cryptocurrency trading has legitimated in South Korea? All I've read about the plan to regulate it, but not implemented yet. I'm not sure how the regulations about taxes in South Korea, but how if it wasn't regulated when bitcoin users trade cryptocurrency? Whether banks want to collect information about customers transactions history to check if someone trying to do something illegal such as avoid taxes or money laundering due to there are many cases of anonymous traders or they will be taxed for capital gains.