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

[Mystica101]

Great news that the government will no longer banned bitcoins in South Korea but it's really unfair for them to pay for the high taxes implemented seems like the government is holding the South koreans on the neck right now. I'm just wondering how will the government will going to regulate this one and maybe some South koreans will think to transfer to other neighboring countries with no crypto tax being regulated. Just a thought.

[Dapper]

Good luck enforcing that.

And thank you SINGAPORE for being you.  

Is singapore zero tax on crypto? or lower tax?

Zero for individuals.   Zero for businesses not registered in Singapore.   But the real plus is virtually no currency controls.   You can take as much money into SG or out of SG as you want.   The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.   

[datodota002]

LOL that's robbery, 24.2% that' very big amount if my transaction more that 1 M, that's makes people affraid to do big transaction using bitcoin. but in my opinion this is little good news than banned.  I acknowledge that taxes are the ones that have hampered bitcoin development because the government can not levy taxes from bitcoin users so they have to ban bitcoins. but look at it now when they can apply a tax issue to ban bitcoin disappear. but the tax is very large and it is disappointing if it is followed by other countries.

[MrCrank]

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

Yes, it's better than ban!
This news give impact to rise price again.
Keep on roll bitcoin
Thanks!

[freo01]

i think this is better way than to ban altcoins in this country n this way we can have another way of having transactions regardng to our altcoins to korea.

[Astvile]

Thats a hell of a percentage for just tax,imaging a businessman making millions or hundred thousand a day or week,imagine how much he would pay in total in each transaction he will be making.Its pretty damn big to be approved and to be requested

[cryptohunter]

Good luck enforcing that.

And thank you SINGAPORE for being you.  

Is singapore zero tax on crypto? or lower tax?

Zero for individuals.   Zero for businesses not registered in Singapore.   But the real plus is virtually no currency controls.   You can take as much money into SG or out of SG as you want.   The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.   

hmmm nice. Wondering how to move to SG right now

[pinkflower]

This is true. Cointelegraph is a prostitute posing as a cryptocurrency news website because their services are always for sale lol. Its where all of the scammers go if they want more publicity for their latest scams.

Speaking of scams, check the Bitcoin Ore team, yes Ore, in their website.

http://www.bitcoinore.org/#team

Are those people real? The founder on the left's picture is photoshopped to make his eyes look bigger lol.

[tigermonkey]

Is 24.2 percent the normal tax rate in South Korea? If so, nothing special and people shall be ok with it...

[rommelo24]

There are news circulating around the net that South Korea's government will be collecting a 22 percent corporate tax and a 2.2 percent local income tax from the country's cryptocurrency exchanges.

Yes, agree with you that it is better than ban.

[Dapper]

Good luck enforcing that.

And thank you SINGAPORE for being you.  

Is singapore zero tax on crypto? or lower tax?

Zero for individuals.   Zero for businesses not registered in Singapore.   But the real plus is virtually no currency controls.   You can take as much money into SG or out of SG as you want.   The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.   

hmmm nice. Wondering how to move to SG right now

Hint:  you don't need to live in Singapore to enjoy its benefit.   It's like you didn't need to live in Switzerland or Monaco to enjoy its benefits in the past (and still a good deal in the present).    Just fly over, open some bank accounts (moderately easy: as long as you aren't from a third world country, just need a proof of address from your home bank; funds to deposit; and ID), open a few crypto exchange accounts (easy; however some require a local cell phone number... which is pretty easy to set up, you just need to remember to maintain it with local bill pay from your bank account).     That's it, your funds now 'exist' in a place with no income tax on interest income.   

[btcprospecter]

Governments taxation of crypto currency was going to happen at some point as soon as they seen they were losing out on a huge amount of revenue they had to be thinking they needed a slice of that. I think we will see more taxation and probably regulation of some form in the future too.

[greeklogos]

Well, Australia where bitcoin is legalized also butted dubble high tax on crypto profit in the beginning, but from the last year after citizens' petitions they put regular tax which is spreaded for all income, 17% as I remember. I think this situation is going to be repeated in South Korea as well.

[magneto]

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

I guess neither. Not a single crypto investor will be interested in investing if they are being taxed this much. Obviously they are still able to trade if they really wanted to and it's not illegal, and trading p2p probably won't get taxed anyways since it's just a fair swap without involving any companies and the government has no way of knowing that a bitcoin exchange has happened. So if you really wanted to rate this news, i guess it's better than banning altogether.

With this new progression, i think we'll see some crypto volume go from Korea back to Japan, where it is already one of the Asia's biggest bitcoin hubs. With the South Korean government not supporting bitcoin, Japan, who legalized bitcoin last year, is going to be the safe haven for investors.

These high tax percentages are basically discouraging big investors from investing. South Korea just didn't want to ban it altogether, but rather be able to collect some revenue.

[ElizaZX]

Great news that the government will no longer banned bitcoins in South Korea but it's really unfair for them to pay for the high taxes implemented seems like the government is holding the South koreans on the neck right now. I'm just wondering how will the government will going to regulate this one and maybe some South koreans will think to transfer to other neighboring countries with no crypto tax being regulated. Just a thought.

This is terrible news. If so, you have to give kolosalnye taxes to 24.2% this quarter from each transaction. If this is the income tax it too hard. Many will move to the use of exchanges in other countries.

[iram3130]

Every country will put taxes on capital gains made by the traders and it would definitely hurt the profit of traders who do so many things to make small profits.
Still, I say it's a good move from a tech country like South Korea.

[Truna]

The media reports that up to 24.2 percent taxes will be collected this year from crypto exchanges, the regulators say that the tax rates have not been decided.

[okchain]

First of all, it is good news to legalize cryptocurrencies, because it shows that bitcoin is gradually accepted by people and that tax rates are reasonable. After all, the amount of money involved in bitcoin is quite large.

[Carlsen]

I think that this is really some good news.
A tax paying company should be welcome in every country of the world. A company that pays takes shows it is taking social responsibility serious and is not running away (like many of the really big corporations do).
And 24 percent is somewhere in the middle from what I know. There are countries with higher taxes and ones with lower taxes.

[krishnapramod]

This report hasn't been officially confirmed yet. If the South Korean government applies this new taxation rates to cryptocurrency exchanges then they would have to pay 24.2 percent of corporate and local income taxes, don't see why this new tax policy would have any significant impact on individual traders.

Under current laws, all corporations with income of over 20 billion won (US$18.7 million) are required to pay 22 percent and 2.2 percent of corporate and local income taxes on their income.

Bithumb, one of South Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.

Bithumb reported 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months last year.

http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html

https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates