Reatim
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⭕ BitList.co
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January 24, 2018, 06:48:49 PM |
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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
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January 24, 2018, 07:03:49 PM |
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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
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ronatrip
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January 24, 2018, 07:03:59 PM |
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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
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DerekGT
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January 24, 2018, 07:14:08 PM |
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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.
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drwhobox
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- hello doctor who box
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January 24, 2018, 07:14:56 PM |
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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.
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Oumal
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January 24, 2018, 08:15:37 PM |
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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
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Cryptoguru274
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January 24, 2018, 08:33:04 PM |
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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
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thepo1m
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January 24, 2018, 08:37:00 PM |
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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
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Teodiff
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January 24, 2018, 08:53:30 PM |
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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?
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Holla123
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January 24, 2018, 08:54:22 PM |
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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.
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kaineh
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January 24, 2018, 08:54:41 PM |
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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
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nemid
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January 24, 2018, 09:06:56 PM |
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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?
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27_Mikhail_27
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A New Exchange Era
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January 24, 2018, 09:40:26 PM |
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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.
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awazieik
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January 24, 2018, 09:40:53 PM |
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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
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mrspumpkin
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January 24, 2018, 10:08:54 PM |
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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
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filharvey
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January 24, 2018, 10:46:58 PM |
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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.
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Hanablue
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January 24, 2018, 10:53:14 PM |
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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.
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magz
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World's First Chain Balancing Token (CBT)
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January 24, 2018, 11:08:23 PM |
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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.
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kolesozw
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FRX: Ferocious Alpha
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January 24, 2018, 11:12:01 PM |
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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.
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