South Korea's New Crypto Tax Policy

[sweetbet]

A tax system is definitely better than a total ban.

[Theoneo8]

I'm ok with that tax. It would be nice to lover it in future, but it's all good.
Legal matter is now one of the most important things in crypto.

[nunzio2012]

Fine if they want to take back some control over cashing to fiat, but 24% is way too much in my opinion.

I don't think it's too much. Yes, it's high as percentage along, but every business is paying even more taxes on profit in almost all developed countries.

As bad is it, taxing is giving legitimacy over crypto industry.

[Davehad]

Most other Governments will certainly be looking at taxing Crypto - it's inevitable and does give more legitimacy to the markets.  In the UK hopefully it will stay as capital gains tax - 20%.  We're bound to see more legislation of course - how you deal with ICO's etc etc...

[HEvangelista]

My overall impression with what is happening now is that the big banks are doing their best to somehow "control" the policies the governments implement against cryptocurrencies, through the Central Banks. They are afraid of what cryptocurrency can do against them. Maybe I am wrong also.

[Godhand212]

they cannot fight crypto, though they will try as some are doing. Japan and South Korea is another example

[Castlereagh]

To be honest, I think this is a necessary evil. If we want to see Crypto rise up and fulfil its mass-adoption potential, then we need the powers that be to at least THINK they have some control over it. In the end it's bigger than them... but let them have their little slice of the pie in the meantime as it gathers momentum.

[JanyJeand31]

yes, the crypto rate may suffer now that some resist, and later it will go up. They will retain taxes for themselves

[futureofeth]

To be frank! instead of banning governments has taken some decision about the cryptocurrency. I think they are charging nearly 24% on bank transaction, so it will be placed for people who are trading in those exchanges, may be charged will be high and it is going to be collected from peoples trading.

[3DBrushes]

Taxing on exchanges is rip off for normal investors because the taxed amount will be charged on the users deposit or withdrawal fees. Finally it would be for users to lose in these type of situations. Large investors likely won't get affected by this but shall fishes might suffer.
Anyway it is times better than banning cryptocurrencies completely like what they did in China.

[Sidtamfia]

Fine if they want to take back some control over cashing to fiat, but 24% is way too much in my opinion.

It's in line with the existing tax policy, so I think it's hard to disagree with.

If undertaxed, people will see it as a sign that the government is very lax about it. If overtaxed, people will think the government is too strict, etc.

Crypto is in its literal infant stages in Korea, so I can see why the govt would want to do this in the beginning, and the lower or raise the tax rates according to public response.

If It's in line with the existing tax policy, then I think the current tax is too high.

[guneytasyurek]

20 percent  for crypto isn't much though !! turkish government gets 100 percent  tax of every car being sold )

[imsotiredofmoviereboots]

A tax system is definitely better than a total ban.

Absolutely right. People would agree more to that even if we don't want to be taxed but these regulations help clear the skepticism of what will happen next. Ban rumours will always come up but when regulations get implemented, it stop that rumours.

[numpadxx5]

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

Despite all the FUD from Korea lately, it seems like the government is actually taking a fairly positive stance towards crypto now. I think an official tax system for cryptocurrencies legitimizes the industry. Looks like Korea might be going towards what Japan has done in terms of policies regarding crypto, even though in the beginning it looked like they were going in the same direction of China (creating FUD, making things illegal).

Everything is still in the initial stages, so I'm really interested in seeing what happens in the future. What do you guys think?

24.2 percent tax is really high, but the best is it didn't got banned on the country, many investor will be affected if that happen. In my country bank are banning all the account related to cryptocurrency because cryptocurrency is not supported on the laws .

[Monumental]

20 percent  for crypto isn't much though !! turkish government gets 100 percent  tax of every car being sold )

Does it mean the price of the car is doubled as the cost?

[guneytasyurek]

20 percent  for crypto isn't much though !! turkish government gets 100 percent  tax of every car being sold )

Does it mean the price of the car is doubled as the cost?

Exactly , if the price is 50k we buy with taxes 110k unfortunately this situation  is not a joke.