🤔 South Korea introduces new tax on cryptocurrency exchanges

[RothsCoin]

South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.   

RothscoinTeam.

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[KingScorpio]

South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.   

RothscoinTeam.

this could lead to two endings, either the exchanges in south korea start to die out, or they simply pay 24.2% of their incomes as tax, which is not much actually.

[bisdsad]

It will be 2018 years bitcoin eruption year, get on the ground from the ground, get more recognition, so we should hold more bitcoin, perhaps this is our next millionaire is us. South Korea has already begun to tax on bitcoin, so other countries may do the same, with fluctuations in the short-term market, but the price of bitcoin will surely rise in the long run.

[UnusualMouse]

South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.   

RothscoinTeam.

this could lead to two endings, either the exchanges in south korea start to die out, or they simply pay 24.2% of their incomes as tax, which is not much actually.

Actually, that tax rates in S Korea is normal. The S. Korea is known to be the highest taxing government, the 24.2% Income tax is nothing if you are earning a lot from Cryptocurrency.

[CryptoAlphaStar]

How do think this is gonna impact the fees on these exchanges? Are we gonna see trading becoming more expensive? Somebody has to pay for the taxes and I doubt it will be the exchanges.

[boonsterx]

Taxation by government is great news for the crypto industry. When the government recognizes that crypto trading should be taxed, they are also recognizing crypto as a legitimate asset and that they need to tax it.

U would never see a government taxing drug smuggling even though it is profitable. Cos everyone including government views drug smuggling as illegal hence they can't tax it despite knowing the huge market for it.

But the moment governments are taxing BTC and crypto trading, they are recognizing crypto as a real asset and a legal asset. They view the crypto trading as a real business activity and hence the need to tax it.

With crypto viewed as legal, the whole crypto marker capitalization will boom !

[ajjhu]

This is good news for cryptocurrencies, indicating that the government officially acknowledged that cryptocurrency is an asset and does not need to worry about whether Bitcoin is illegal or not. Despite the increase in transaction costs, at least bitcoin has begun to reach into the larger world.

[lsd400]

Probably it's a good thing. South Korea government understand that entirely banning crypto exchanges wouldn't be wise idea. 24% tax I think nothing for exchanges.

[iconoclast]

The "Man" will only let you do it once he figures out a way to get his cut.

[cryptoalfs76]

South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.   

RothscoinTeam.

 For me this is a wise decision of  south korean government to employ a 24.2% tax  to all corporate and local income tax and declare to  some exchanges share a transparent transaction data with banks,they do this command to prevent money laundering and using the cryptocurrency in illegall transaction.this decision of korean government is better than  totally banning of all digital currency in there country,because many korean investor would be affected if this kind of law will be implemented.

[macchiato]

To those complaining about the 24.2% tax, I say this is a lot better than banning cryptocurrencies. The government finally permitted cryptos in its country and have recognized it, not as a bank threat, but an asset. It could somehow help their economy since we are in the century where digital money is a trend.

[KingScorpio]

South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.   

RothscoinTeam.

this could lead to two endings, either the exchanges in south korea start to die out, or they simply pay 24.2% of their incomes as tax, which is not much actually.

Actually, that tax rates in S Korea is normal. The S. Korea is known to be the highest taxing government, the 24.2% Income tax is nothing if you are earning a lot from Cryptocurrency.

the problem starts when they start to investigate where the people with those cryptoreturns are cause then no one will like to use those korean exchanges,

but i doubt states will be able to survive with their difficult taxation system the new digital and cryptoeconomic age.

but seriously folks i am questioning myself, since quite a while, how long are you going to evaluate cryptocurrencies in US dollar, i mean what are you going to do when the US dollar evaluation is gone?

regards

[KingScorpio]

To those complaining about the 24.2% tax, I say this is a lot better than banning cryptocurrencies. The government finally permitted cryptos in its country and have recognized it, not as a bank threat, but an asset. It could somehow help their economy since we are in the century where digital money is a trend.

it can help and damage their economy, the endeffect remains to see.

[JohnnyCash$]

Hmm I don't understand this.  I guess they are only taxing crypto that is being changed back into the won or fiat currencies right?

I mean how do you tax bitcoin or any altcoin?  So if you never convert your coins into any fiat currencies you would still never need to pay tax.

[iamTom123]

When a government will not eventually ban cryptocurrency, everything will boil down to taxation. Maybe the government has this feeling that since cryptocurrency is something it could not totally control and understand, it might as well use it to gain more revenues from without ever thinking that it is their own people who are really into cryptocurrency. Anyway, we are all hoping that in return for paying the tax levied against every transaction the government will give some leeway and let the market do its own thing (as long as things are done legally and no hocus-pocus). Alas, in life, we could not go away with tax and death -- and cryptocurrency is no exemption.

[oginiimaoyani]

paying this percent as tax is better than banning it entirely, I think is a good decision to the south korea government.

[JohnnyCash$]

You guys still don't GET IT.  They can't tax cryptocurrencies because it is legally NOT a currency.  It is a commodity.

Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).

The day that crypos are accepted as REAL CURRENCY is the day it will never die.

[KingScorpio]

You guys still don't GET IT.  They can't tax cryptocurrencies because it is legally NOT a currency.  It is a commodity.

Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).

The day that crypos are accepted as REAL CURRENCY is the day it will never die.

they can legalise cryptocurrencies actually.... they can develop new taxation models

the question is how the population that provides goods and services for those cryptocurrencies will think.

and weather they will be willing to defend themselves. or otherwise cryptocapitalists might become a huge burden on the economy, if they only drain the economy and dont develop and upkeep value sources. 

regards

[AgustaMod]

This is a sad news to most of the korean citizens but this is a great new for all of us because regulation is better than a total ban.Cryptocurrency isnt intended to be like this but for the greater good we should follow what our government wants,its better to take medicine than to undergo a surgery that is the logic behind it.

[niisarearning]

For short term South Korean move cause some problem but it’s really healthy for long term move .If country start accepts tax on crypto exchanges then it will be regularised. So next couple of day I will prepare in mind not to sell grab as much as I can.