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

[cryptohunter]

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

[kingkats0803]

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

[cryptohunter]

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

but isnt expecting zero tax on any profits unrealistic long term?

also i just read this is on exchange owners only not individuals i guess they will pay as regular income tax or capital gains tax

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

[Futurm]

As far as I know, it seems that taxation is only a tax on exchanges, which is the fee they earn.
But there is no news that a tax on individuals, even if it is levied on individuals, is good news too, suggesting that the Cryptocurrency market has been legalised in South Korea.

[nianshaoqingkuang]

any truth to this?

seems okay or at least better than a ban?

As far as I know, many South Korean bitcoin holders have held a parade to protest against the government's ban on the bitcoin exchange, which can be regarded as a government concession.

[cryptohunter]

any truth to this?

seems okay or at least better than a ban?

As far as I know, many South Korean bitcoin holders have held a parade to protest against the government's ban on the bitcoin exchange, which can be regarded as a government concession.

I think it is reasonable and way better than a ban.

I would accept 24 percent tax on profits rather than a ban for sure.

Hopefully china next to follow then we're back off on track again.

[r1a2y3m4]

Seems fair enough. but this move says that the korean government are only concerned about the money that people are making out of bitcoin. They are not thinking about the technology behind bitcoin. This is also good instead of a total ban. I think they should lower it a little more.

[mrwhipped]

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 %

[Blackhammer321]

I think its not fair! what they are doing now is forcing the people to that so, and if thr people dont want it thry will hold their crypto unless they will give taxes ? about 20%?  its bigger than what the government appealing taxes on employees, but i guess korean will deal with it since their coins are on hold by the government.

[kingkats0803]

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

but isnt expecting zero tax on any profits unrealistic long term?

also i just read this is on exchange owners only not individuals i guess they will pay as regular income tax or capital gains tax

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

Can't argue with you on that, that is just and fair to impose tax on profits gained.
Also it will be a good news if we look at it on the positive side, it would mean that market for crypto will be used widely as it already have.

[marydale]

I think imposing tax on crypto profits is fair enough.. but 24% may be a little high for starters.
I would say this is good news, it means crypto market is now accepted as legal.
But regulations need to be polished

[cryptohunter]

They did same thing in USA

Trump got rid of the Rule 1030 trade for like rule

So now you trade in any crypto the gains are instantly taxable

So that destroys the exchanges in USA

You make say 100K in btc then trade into bch or whatever

the gain is instantly taxable, even though you saw no fiat

So USA and SK are on same page they want tax income on paper profits

I will never trade one thing inside the usa now

screw trump that jerk

Hold on though this is just on exchange owners profits right? in fiat

Individuals in S Korea we don;t yet know how they will be taxed do we?

Perhaps they will not be expected to pay tax unrealistically on each crypto to crypto trade?

Not sure where they are going with that yet.

[Roboabhishek]

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

Didn't hear about that news but if it's true then you will see many South Korean miners putting stop to the mining if banned.
But I don't understand what's the meaning of this tax. Since the miners will be paid anonymously by the pool then how can SK expect to get the tax paid?

[jseverson]

The announced tax percentages are in line with the South Korean tax code for all corporations that make a yearly income of over 20 bln won ($18.7 mln).

It's in line with the country's current tax code, so there is no anti-cryptocurrency campaign going on. If the exchanges are operating in South Korea, then they have to follow South Korea's tax laws. Every other company does.

The 24.2 percent tax is taken from the exchanges' profits, not the trader (unless he makes obscene amounts of money to end up in that tax bracket). Part of this is inevitably going to be shouldered by their customers though, so that kind of sucks, but it's also fair. What would be unfair is if they charged higher taxes for crypto-based earnings, and they're not doing that.

[dogmatixxx]

I love how governments pretend to be working for the people. 

[maxj57634]

any truth to this?

I think its still unconfirmed until their government releases this issue on the news agencies.
 

seems okay or at least better than a ban?

Literally better than dropping the ban hammer, at least they are still given a chance to do trades which i think will give the market another boost.

Sounds like good news??

Some how its still a good news but its gonna hurt because 24.2% is quite high for a tax. Its their governments decision so i think they are planning for theirs countries future economy.

[CinemaAI]

The announced tax percentages are in line with the South Korean tax code for all corporations that make a yearly income of over 20 bln won ($18.7 mln).

It's in line with the country's current tax code, so there is no anti-cryptocurrency campaign going on. If the exchanges are operating in South Korea, then they have to follow South Korea's tax laws. Every other company does.

The 24.2 percent tax is taken from the exchanges' profits, not the trader (unless he makes obscene amounts of money to end up in that tax bracket). Part of this is inevitably going to be shouldered by their customers though, so that kind of sucks, but it's also fair. What would be unfair is if they charged higher taxes for crypto-based earnings, and they're not doing that.

If it is indeed on the exchanges' profits, that is only reasonable and normal. Every business should expect to pay some taxes on their profits. And of course those are eventually passed onto their customers. That's just how every business operates. So actually, it's good news. Bringing them into the tax system is implicitly legalizing them. And once the gov starts making money from them, they will be much less likely to shut them down.

[iamsange]

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

if  that is true i think it is still better than banning bitcoin. in my country government always say bad about bitcoin and never look it deeply. if i can choose i prefer to pay tax but bitcoin can be legally in my country

[Nunoluck]

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.

[babyshaun]

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.