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

[cryptohunter]

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?

[1715094099]

1715094099

[1715094099]

1715094099

[mpufatzis]

Back in the game? Paying 24.2% taxes? I don't think so.
With so high taxation (I suppose it was much lower) I think the exchanges will move to other tax-friendly countries to avoid it.
At the end, all the taxes are paid by the customers. Bithub would increase the fees due to the higher taxation and the people would move to other crypto exchanges because of this increase.
What remains is to find out what will happen to the 200000 signature petition.

[cryptopuma]

24% tax seems to be exagurated,koreans arent too dumb to pay for that clearly the government wants the full control about cryptocurrency trading and i dont think most of traders would agree.Surely most of the big players in there would move to another place like HK who doesnt have any regulations yet.What the heck are they thinking?cryptocurrencies are decentralized currency putting taxes on it will looks like it is a centralized like what fiat is.If im living in korea right now and i have decent amount of BTC i will migrate to other countries.

[g4r1n1m]

Everything is great.. the world is looking for the best way to adopt cryptocurrency
when one country will find a good way to do it, other countries will follow
i prefer regulated market

[bigcash2011]

It is good to see regulation imposed on exchanges, this will make crypto market legal, registered and taxed, this will eventually be good for market as investors confidence in crypto market will grow so will there investments.

[cryptopusa]

Everything is great.. the world is looking for the best way to adopt cryptocurrency
when one country will find a good way to do it, other countries will follow
i prefer regulated market

If your mind set is that do not use cryptocurrency go back to fiat instead,cryptocurrencies are decentralized theres no way it could be regulated,no county and no one will ever regulate our community.This is too bad for these koreans,paying 1/4 of their income is insane.Would you want to pay 2.75BTCs out of your 10BTCs? giving you a 7.5BTCs?

[LightNestling]

So this means crypto is now legal and regulated at the same time at S. Korea? I wonder what happened to the exchanges that have been raided by their government.

[Wandika]

So this means crypto is now legal and regulated at the same time at S. Korea? I wonder what happened to the exchanges that have been raided by their government.

Seems they just want some buy back last week, well i don't know if the news were sfill legit but I hope that it will no longer restricted in South Korea since I want to have some vaction there soon using bitcoin of ever, but since they were together last banning with China they also made an impact on redblood crypto laast week.

[Minor Miner]

I think that it's much better to move to another region. As for me, 24.2% is too much. I think S. Korea will lose it's potential with such a huge taxes.

[aoluain]

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?

yea I read this earlier. its better than a blanket ban but it may take
away a bit of the allure of getting into crypto in a way. Im not so
sure this means regulation on a wide scale.

I think this is good news as we will see some people in south korea
coming back into crypto and I understand a countries need to
implement regulation to curb some people stupidity and greed but
it does to a point introduce governments meddling and regulation
in what we would percieve as that which was to be a stand alone
peer-to-peer payment system as was initially invented.

[Endikadija]

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?

But that's terrible news for all. Especially south Korean already announced to implement new bank system to synchronize all of the accounts that already created on the exchange site with Korean bank database. They are saying it's all about to give taxation in every act of exchange site and users.


There will be no more privacy if you are using centralized exchange site, let them all move to the real decentralized exchange site.

[Kothar]

Back in the game? Paying 24.2% taxes? I don't think so.
With so high taxation (I suppose it was much lower) I think the exchanges will move to other tax-friendly countries to avoid it.
At the end, all the taxes are paid by the customers. Bithub would increase the fees due to the higher taxation and the people would move to other crypto exchanges because of this increase.
What remains is to find out what will happen to the 200000 signature petition.

Agreed. That high level of taxation is hilarious. I bet they did it just to turn all using of exchanges not profitable. Now they can say "crypto currency is legal here" but in real nobody would use that opportunity.

[kutangterbang]

with 24% tax? that's a huge tax, but if we pay taxes, we can get the same benefits, maybe it sounds fair, like a better security level and guaranteed by the government. if it is the same, maybe the only way is to go to another country

[Keihell]

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  

[edi-mf]

It's a good thing, legalising crypto will help it to enter the mainstream. We still have to pay income tax anyway, what difference does it make if your income is from full time work, investing in gold, properties, bonds, stocks or crypto? It is still a income tax, someone have to pay for police force, firefighters, doctors, new roads etc. let's be realistic here. If you want to avoid paying taxes by using crypto you are a criminal.

[futureofeth]

Everything is great.. the world is looking for the best way to adopt cryptocurrency
when one country will find a good way to do it, other countries will follow
i prefer regulated market

Now it is the best way to accept it because soon many other countries will follow the South Korean decision. The tax % is quite high but accepting is a good deal and it is going to be big competition for other countries.

[VitKoyn]

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 think some people who commented here didn't even read the article, it says that south korea will put tax 22 percent corporate tax and a 2.2 percent local income tax for "cryptocurrency exchange", it is not a tax for cryptocurrency traders. I don't think that it is bad and I found it reasonable because exchanges should really pay their taxes because they earn a lot of money from this. Exchanges have no choice and just pay their taxes, it is better to have a tax than banning it right? so yes they are back in the game. But the question is how much tax will they put to traders gains.

[cryptodagger]

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?

But that's terrible news for all. Especially south Korean already announced to implement new bank system to synchronize all of the accounts that already created on the exchange site with Korean bank database. They are saying it's all about to give taxation in every act of exchange site and users.


There will be no more privacy if you are using centralized exchange site, let them all move to the real decentralized exchange site.

Thats what i am thinking,if most of the banks in korea will be implemented its new banking sysyem to the cryptocurrencies each transactions would be accessible to anyone in their government.There will be no privacy because each move will require you to pay taxes that are being recorded in your bank accounts.

[imperatron]

South Korea is already back in the game guys.. They just made all that FUD to rebuy at a lower point, maybe they missed the boat or they sold to early. It will be the same like with china and that huge dip last year.

[crypto1010]

Great to see SOUTH KOREA back on the team and this proves how far this blockchain technology is yet to go, and more countries need to come through to support bitcoin and all other cryptocurrency projects to grow this crypto market