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

[hosseinimr93]

In my opinion, the amount of tax is too much. But It's not a bad news. It means that Korea government have accepted cryptocurrencies. Other governments will accept cryptocurrencies too. We are entering a new era.

Exchanges are company and must pay taxes. But users won't pay tax. It's very good.

[denzkilim]

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.  

Lol this is a good idea because I don't want to leave my country and migrate just for crypto currencies even if it's one of the most corrupt place in the world. But I'm still hoping that crypto currencies will be widely appreciated and legalized by governments in different parts of the world even if they put some taxes for using it and make policies/rules and regulations it will be good for everyone.

[cryptocurrencyguru]

In my opinion, the amount of tax is too much. But It's not a bad news. It means that Korea government have accepted cryptocurrencies. Other governments will accept cryptocurrencies too. We are entering a new era.

Exchanges are company and must pay taxes. But users won't pay tax. It's very good.

That is a good sign for exchanges but exchange owners increase their fee percentage transaction, those transactions should be paid by the people who are trading in those exchange but it is a good sign for acceptance but it also will affect the people who are trading in those exchanges.

[silent17]

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 just read that the Philippines also studying the Bitcoin and I think they will also put a tax on it, I sure hope this kind of thing will not happen for us to earn more, but even though they put a tax on bitcoin, it's alright i think as long as it's not banning it.

[12tribes]

South Korea IS NOT BANNING bitcoin. They only said they didn't want anyone trading cryptocurrency with anonymous accounts period.

[nmax21]

There is news that in South Korea it will be mandatory to create a personal couple in a bank for traders with the provision of personal data. There will be an anonymous trade ban!

[keithkai]

At least better than totally ban it.....

[vv181]

Yet again it's a centralized economics. Bitcoin is built to be a 'decentralized' but government taking it away. I believe some traders in Korean will not agree with it. Well, the possible solution is to move to the country that less strict with Bitcoin. But in the end its good they not banning it because I'm sure it will be disastrous if Korea government keep banning Bitcoin, just look at when the Korean government announce a ban the Bitcoin price taking a big dip.

[NavI_027]

I think this is not totally a good news for the Koreans because I'm pretty sure that no one wants their income get reduced by any kind of deductions (even I will not agree into this if that is going to be  implemented here in the Philippines). But honestly,if this policy will avoid the banning of crypto in their country then this still said to be a great news for them, at least they still got a chance to make profits from it.

[Pan Troglodytes]

It would be only natural NOT to ban bitcoin but rather try to get most out of it (read: tax it accordingly). I am always surprised with that news surfacing that this and that government bans bitcoin. Why do they ban it? - I ask myself, when it makes so much more sense to tax it.

[allthebitandbobs]

hmmm it all comes down to governments getting there protection money (oops i mean taxes ) at the end of the day 

[mayronbirss]

hmmm it all comes down to governments getting there protection money (oops i mean taxes ) at the end of the day 

There is no ban!
just wait tommorow 25-01 , you wil see there wil come a hard rise with 10% krw .

I am sure tommorow 25-01 is a big day, and recovery in btc.

BE there!

[AleSergio]

If you would have read news a little bit more clear, it is written that they want to take taxes from country’s cryptocurrency exchanges. So if you trade somewhere else you do not need to worry about it

[Schmolke]

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

Bitcoin was designed for trading btc for items, it was designed as an alternative to fiat but now the majority of it's users do not even know how to use crypto currencies. In my opinion every country should take a solid 80% tax. That way all the fiat assholes would drive away from bitcoin, the price would go back to maybe 120$ and it would again become the beloved crypto currency it once was.

[heureca]

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 think it is too big tax to be real in fact - people will organize new petition for this tax. Probably this problem will be resolved and tax will be decreased

[10000BTC]

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, that is true and i like it that way.

the government made a smart move.

this is because if he had decided to ban it, people will still hide behind VPN to invest in cryptos and he will get nothing.

so its better to regulate it to get your share from it.

[machinek20]

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 think it is too big tax to be real in fact - people will organize new petition for this tax. Probably this problem will be resolved and tax will be decreased

Its way too big, its like robbing the users, but somehow I agree that putting a tax is better than banning it, at least the wealthy people will still invest in bitcoin and that could impact the price, and new petition is not always going to work, I doubt the government will response to any petition regarding to bitcoin

[piter66]

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.

Depends though is it a flat 24% tax and be done with it kinda deal or are there other terms and conditions involved in the whole thing

[zzxswqq]

This move will kinda kill all the arbitrage opportunities though where people outside korea would buy from other exchanges and sell in korea

[Jednopivo]

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 do think it's good news. It is better than banning it, and by imposing tax on profits made on cryptocurrency - the country is accepting cryptocurrency. But 24 per cent tax, is far too high.

The UK and EU are also looking to regulate Bitcoin and other cryptocurrencies to fight anti-money laundering and tax evasion. I believe that we will see that in the next month or two. And I expect to see more of the same in many other countries.  https://www.theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity