🤔 South Korea introduces new tax on cryptocurrency exchanges

[Duzenn]

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.

But maybe you didn't find a problem.
Exchange tax (rather than for individual users), for the exchange fees of profits each year is in is too high, so the tax is should, but a tax on individual users, may not be a good decision.

[ralph_0608]

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.

If every transaction you made in trading would have additional 24.2 deduction for tax I think its to much expensive and a huge inflows income to the korean government. What if every cash out you made would have a 24.2% additional deduction for taxes I think it is quiet reasonable than imposing 24.2 every trading transaction you made your killing the crypto trader for that rulings

[romandos86]

I guess,that the situation with taxes in the South Korea is better than just banning Cryptocurrency

[rezurect]

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.

If every transaction you made in trading would have additional 24.2 deduction for tax I think its to much expensive and a huge inflows income to the korean government. What if every cash out you made would have a 24.2% additional deduction for taxes I think it is quiet reasonable than imposing 24.2 every trading transaction you made your killing the crypto trader for that rulings

Imposing that 24 percent on every trading transaction would kill the trading for many. Unless you're a whale who doesn't need to care.

[John Langut]

If you look at the bigger picture, most of the collected tax is hopefully going back into the economy. Imagine a larger treasury because of crypto trading leading to less taxation elsewhere. Which is good for local investors, not so much for foreign ones.

[kingzues09]

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.

If every transaction you made in trading would have additional 24.2 deduction for tax I think its to much expensive and a huge inflows income to the korean government. What if every cash out you made would have a 24.2% additional deduction for taxes I think it is quiet reasonable than imposing 24.2 every trading transaction you made your killing the crypto trader for that rulings

Imposing that 24 percent on every trading transaction would kill the trading for many. Unless you're a whale who doesn't need to care.

I think 24 percent is for corporate tax which is govern by corporation big partnership and i totally agree with this but for local income tax 2.2% is quite good.

[jack107]

They will come around. Big projects like IoT Chain (ITC) are expanding into Korea. They partnered with a huge crypto firm Hashed to make it happen. Very underrated coin to be watching. https://coinmarketcap.com/currencies/iot-chain/

[Vendetta666]

24% tax is very large especially if you do not earn much money in crypto currency. So it should be fair to every person. I'm sure that many countries will do what South Korea did. And hopefully here in our country it will happen so that we will be able to withdraw our money without fear of being caught by the police

[Fantina]

the introduction and legislative regulation says only one thing that the state not only wants to make money of you , but also sees prospects in the crypto world

[Klovezio]

I guess,that the situation with taxes in the South Korea is better than just banning Cryptocurrency

I'm agree. I think that this is  the good news. This means that States are aware of the need to transition to the blockchain economy. Gradually, many countries will understand this and cryptocurrencies will begin to grow strongly again.

[marks1976]

the introduction and legislative regulation says only one thing that the state not only wants to make money of you , but also sees prospects in the crypto world

That means if they do not have any interest to ban crypto but just try to take a prospect about the future of crypto. If crypto becomes big and then, They can make a lot of advantage from there. But as far as i know, they are still never giving any clarification about that. That seems a bit interesting to me.
So, I can't decide if that was true.

[AiwonOleh]

These are all manipulations from the East so they want to put the BTZ price down and buy it more than to market the market and create such news.

[wndrbr3d]

24.2% - it is almost a quarter of potential profit. I`m waiting for era of decentralized exchanges. Nobody is needed in centralized exchanges with government control.

[Polonium]

I think taxationis really neccessary dor Bitcoin to be considered legal in any country, all investment and businesses does that after all, I think this is a positive outcome for both party especially bitcoin, we can now expect a good relationship between the government resulting in positive price outcome for Bitcoin. Finally we can move on with government scrutiny.

[haidangtp]

This news may help boost bitcoin prices in 2018. Taxation means the recognition of bitcoin exchange is lawful.

[BigBoy89]

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.

So they will need to pay an income tax like every other business and this is the end of the world?? They are taking fees on every trade, why shouldn't they pay taxes over their income?

I find it reasonable and normal. There are many countries with higher income tax.

[Geenstijl]

At first look 24.2% is a pretty big tax, but if we take into consideration the daily/monthly volume it would be clear enough that this rate is pretty good. I'm sure that this step could play the major role in worldwide crypto development.

[peleng]

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.

So they will need to pay an income tax like every other business and this is the end of the world?? They are taking fees on every trade, why shouldn't they pay taxes over their income?

I find it reasonable and normal. There are many countries with higher income tax.

I even think that this is good news for the entire crypto currency market. This will increase people's confidence in the crypto currency, and therefore can give a boost to the price increase.

[sehoon]

Are there any negative effects on bitcoin? I actually saw this one coming that government agencies from different countries may tax bitcoin because they can't stop it so regulating it is the best way to do. I hope they don't tax too much so we can still earn a decent money from cryptocurrencies.

[tornikejr]

It is good that South Korean goverment decide to tax echxanges and not to ban Crypto, but i wonder how they are going to collect taxes, in which currency in BTC/Altcoins?