SOUTH KOREA BACK IN THE GAME? 24.2% isn't too bad

[Reatim]

I think they moved one step closer.

https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

Now everyone's information is being shared with the Banks. Don't like the idea, but if this is one way for the South Korea to be back in the game, then they should welcome it.

I guess its not that bad, assuming that you are earning well beyond the normal South Koreans do. From where I lived it, taxes is as high as 30%, yep, I said it right well above 1/3 of your monthly salary.

Most of the people commented here doesnt even read the article,24% tax for the corporate companies like exchanges and only 2.2% tax will put to the locals.Meaning the citizens,will only need to pay 2.2% of their cryptocurrency income and thats a reasonable percentage if you can make 300% from your trades monthly that will be small portion of your income.

True, but what if you don't make 300% though?

Also, I don't really get why SK would want to be back in the game after trying to ban cryptos?

Read the link and see that they are back but with stiffer regulations. KYC/AML, trading platforms accounts is being shared with the banks..

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[moofie]

I agree it's not too bad... it's a matter of what you are used to.
Whoever is finding this rate ridiculous, is not living in one of these countries I'm sure:

https://www.worldatlas.com/articles/countries-with-the-highest-taxes-in-the-world.html

I don't think anyone in Belgium would complain.
I agree it's more than I would like to pay though  

I don't think your point is valid.  I live in the Netherlands and crypto's are due to taxes, but aren't charged on income taxes.  We have a different tax percentage (1,2%) on crypto because it is considered as savings.

I believe most European countries have similar percentages like this which mean that 24% is way out of line.

I do agree with the fact that exchanges are being charged since they are just companies

[ronatrip]

haha... I have read that news before and I do not sell my coins. why they have to ban Bitcoin when they can collect tax from it. The market will recover soon after this information.

I hope for recovery too. I got fed up with these bad news from Asian countries and crypto depression during this red January. Lately, I've heard positive news for the first time

[DerekGT]

Is 24.2 at this moment, well hell no. For me to launder the money costs me more.
So I will pay them and be happy and free as a bird.

[drwhobox]

This is really great at the same time it's bad for the exchange.
Most likely what would happened there is regulated exchange = Trust for the usersbut they would put a limit on withdrawing some money coming from the  exchange site and most of the profits of the devs would just go to tax. Still a recovery would be done here.

[Oumal]

I am confident that due to such government decisions decentralized trading platforms will develop much faster. And soon we will see a very strong Monero market)) The era of private coins is coming.

This was my first thought after reading the article. Decentralized exchanges will indeed be very much in demand

[Cryptoguru274]

With the recent agreement of South Korea Government to start accepting taxes from crypto exchanges, means that cryptocurrencies are been accepted finally in that country. This will have a positive impact on the crypto internet space and will overhaul the entire crypto market. So the news is a welcome development. Thanks for the information

[thepo1m]

24.2% is this confirmed because this is ridiculously high IMO, I think what they are doing now is too discourage people from getting involved in Crypto but you can tame a moment they will rather move their money to another country

[Rigorous]

I suppose they those exchanges are clever enough to play by the same rules as any other company and effectively pay only 0.1% in tax on billions of revenue like Amazon.

https://www.theguardian.com/technology/2017/aug/10/amazon-uk-halves-its-corporation-tax-to-74m-as-sales-soar-to-7bn

[Teodiff]

I say let's legalize it, why not. I hate politicians and banks too, but I want to spend my crypto money freely.
Who's with me?

[Holla123]

Am i reading this correctly and why not posted here before?

Or not as clear as it seems?

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

i guess now anon accounts are banned the individual will be taxed as income or cgt

looks like they are back in the game anyway

china next?

better than a blanket ban right ... or not?

Is this not a good thing i see many see it as a negative announcement?

I do not feel South Korea was ever out of the game. They love crypto and overall they are in a good position with regards to blockchain technology. Well and they got Icon. It is all about money. As the country is red hot for crypto well government wants its share in taxes.

[kaineh]

In my opinion, taxes are significant. However, such a tax environment generally corresponds to South Korea. In any case, expensive approval is better than a cheap ban

[nemid]

I don't see a problem with Bithumb paying 24.2% from their amazing profits last year.

Yes, you can always do better (go to an offshore country), but if they can be legalized inside their own country, and help a little bit their economy, what is wrong with that?

[27_Mikhail_27]

It seems that the crypto currency in South Korea was finally settled. There are pros and cons. Good, that did not close at all. The bad news is that their system: excludes the use of anonymous accounts, participation in foreigners' cryptography and introduces an age limit for participants of cryptology. Those who want to bind the crypto-currency account to the account in the bank will have to undergo a strict procedure of identification.

[awazieik]

Am i reading this correctly and why not posted here before?

Or not as clear as it seems?

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

i guess now anon accounts are banned the individual will be taxed as income or cgt

looks like they are back in the game anyway

china next?

better than a blanket ban right ... or not?

Is this not a good thing i see many see it as a negative announcement?

Despite how negative this news might look, it means that adoption of crypto is going huge. Other countries will follow suit and try to tax exchanges. It is only a matter of time before the crypto market become stable

[mrspumpkin]

24 percent tax is nothing in the crypo world. When there is a bull run it can rise 24% in one day so they can just cash out then with no ill effects. The South Korean government just wants a piece of the pie without having to take any of the risk themselves. Smart move and I'm sure other countries governments will follow as well. Better invest in privacy coins and DEXs to trade under the radar, cash out somewhere else!

And you are ready to give 24 percent of your capital? I guess no. And no one wants it. This is good news that goverment of South Korean have not banned crypto-exchange exchanges at all. But I would not like such a big tax

[filharvey]

I would say that regulation is better than complete ban but at the same time, 24.2% seems to be very high tax. Just we would have to wait and see how people react to it. One thing is clear that all countries indirectly accept that cryptos could not be completely avoided but at the same time, they have started to see it has a good opportunity for high taxation.

[Hanablue]

Am i reading this correctly and why not posted here before?

Or not as clear as it seems?

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

i guess now anon accounts are banned the individual will be taxed as income or cgt

looks like they are back in the game anyway

china next?

better than a blanket ban right ... or not?

Is this not a good thing i see many see it as a negative announcement?

Regulation is always better than closing down permanently, Under regulation you can continue playing and earning with cryptos and paying tax is never a bad thing. It helps the country growing. I hope China will do the same.

[magz]

For me 24.2% is too much. Korean people may switch to other exchanges that do not have yet taxes. Government are doing everything just to be in control even at cryptocurrencies.

[kolesozw]

24.2% isn't that bad as it's accounted on EXIT, not on every trade.

It was expected. Governments to not take their cut? Don't forget that they are charging you VAT on every beer you drink.