SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax?

[barontamago]

Its a little bit too much i think. but if this is the only way to legalize it then they don't have a choice unless they make a move to reduce a little bit in tax cause bitcoin owner will only receive the effect its make they profit less because of that higher tax. but i think that tax isn't a final decision. lets observe and wait for the outcome.

[cryptohunter]

24% seems a bit steep but in a good way its not being stopped ,  they know how much money they can get out of the crypto currency markets and rather ban it let it carry on with a hefty tax %

High tax rate will reduce investors interest to invest in south korea. It's actually not good for south korea. Australia also did that but the regulations was changed due to the decreasing number of fintech in industries that operate in Australia. Bitcoin is very useful for financial and technology industry so must be treated appropriately.

I guess it is a bit steep but 24% of any profits taken is better than no profits is it not?

Besides that bracket is a high one perhaps no tax on profits to a certain level for individuals.

Most of the comments on cointelegraph demostrate it is bad news.... so did those people not think the ban was for real anyway?

I would have thought if the entire global mantra from govs was 24% on all fiat profits from trading crypto but it is fully legalised would be pretty good news all round and the crypto party is here in full swing...

[zhuiyongliang8]

As far as I know, taxes seem to be a tax on exchanges, which they earn.

I think it's more reasonable and better than the ban.

I would accept a 24 percent profit tax, not a ban.

[senin]

Apparently, after all, a tax of 24 percent is introduced in South Korea from the owners of exchanges. For citizens, I hope it will be much less. Citizens of this country several times recently showed that they are ready to defend their rights and therefore it is unlikely that the government will establish such a draconian tax for citizens.

[OninLoki]

I don’t hear the news yet but this is a good new on South Korea people involve on crypto currency, but the tax is unfair enough or this is fair enough rather Banning all type of Crypto currency. In other side these is good news on the crypto currency because South Korea is legalizing the crypto currency.

[sabine80]

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

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

wow, 24% tax is high, but it's better to pay high tax than to ban bitcoins. for me is this a good news. no ban from south korea is good for btc.

[Dapper]

Good luck enforcing that.

And thank you SINGAPORE for being you.   

[cryptohunter]

Good luck enforcing that.

And thank you SINGAPORE for being you.   

Is singapore zero tax on crypto? or lower tax?

[pinkflower]

Isn't that a bit too much of tax?
and how would they regulate taxation protocol when holders of crypto transact anonymously?

But yes it is better than totally banning it! However, doing so would have a domino effect on other countries.. and people are used to no regulations with cryptos

I dont think thats too much. In South Korea, capital gains in the stock market is 20%. Thats only 4.2% more for capital gains made in crypocurrencies.

The good news is Korean traders will be forced to hold everything in BTC now and start trading for profits in BTC, not fiat just like a real Bitcoiner lol.

[ChickenDuck]

This tax is corporate tax, which is for BTC exchange, not individual, so it's a pretty good news.

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

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

[QuestionAuthority]

Stop reading cointelegraph.  You can get more accurate bitcoin news from marvel comics.

[chanpinchen]

Good new crypto exchanges in S Korea has been legalized.

[Erza]

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

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

it hurts for korean crypto 24% tax this is a double tax than the original tax fee. This tax is only for local currency in its area. But it's a bad idea that other local exchanger may also be following a 24% tax tax evasion of a local exchanger this is my opinion only. We should notice that the local exchanger pays tax for the government not the crypto users.
Earned by Korean korean users will only be taxed at 24% tax i think based in the principal amount.
the korean crypto users no longer have to accept it rather than bitcoin banning.

24% is really hurt for many of people here, may be not for a big whale because they can be backed by their own money here. The problem here is for people that want to try their luck into crypto which they invest everything but in the end they will pay some 24% tax? This will be ridiculous, unless they can keep on getting profit, may be it is better but traders not always profit everytime. Btw is this even true for 24% tax and is it already fix?

[pooya87]

what i understood from the past days is that Korea was not planning on banning cryptocurrencies, or trading them. they were planning on closing unregulated exchanges or regulating them. and now this is the regulation they come up with including this tax plan.

and 24% is high but this is the government they chose to accept, they have to deal with the decisions they force upon them now.

[ranman09]

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

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

Where did you guys think they get 24 percent from? Is it based on how much a crypto user can gain?

[Juggy777]

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

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

No tax is good on any currency it's bad always bad. I also read a horrible thing that people need to disclose their real name while trading  that's so bad, this opens up legal people to catch on you anytime. This is so bad for everyone involved in the transaction, I hope the South Koreans topple this government in fresh elections, close their work and make government reconsider it.

[Beehives]

It's good news ended. I think those banning announcement was made by some investor to shaken the market of btc to ensure profit when invest.
It's a business strategy of a business expert. 

[TimtheYoutuber]

I almost want them to ban it, so we dont have to hear about this anymore.

[Kakmakr]

They have just taxed themselves into a corner. ^lol^

The ban rumours was just a warning shot over the head of Crypto currency users to force them to accept their high taxes and their strict regulations. Just another corrupt government forcing their will onto their citizens. They are saying, If we cannot stop you, then we will make Bitcoin unappealing to invest in. <introducing high taxes>

The same was tried with the introduction of the BitLicense in New York. <They just overregulated it to form a barrier to entry>

[JeBro]

Good news. Maybe it will help the market to move up. I'm so looking forward to when the growth begins. So, it's time for crypto market to capture new ATHs.