🤔 South Korea introduces new tax on cryptocurrency exchanges

[sourish]

Good or bad remains a perspective here. From what i can understand, people are not going to accept this without protest, and governments and policy makers too need public support for any such implementation.

[dimon01]

I'm wondering why, in the opinion of the Tom Lee Bitcoin, after a completely predicted recession, should rise to 20k ? Maybe because he put it into BTC lots of money? I do not think that after a large dump, Bitcoin can pump even up to 10 thousands)

[dumplingsandsushi]

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.

Yeah, I don't trust this analysis or speculation at all.
This is crypto, it's decentralized and open source.
If I didn't want to pay those taxes there are SO many other places to trade.

And to say that because of this tax that btc will only reach 20k by 2018 seems incredibly misinformed.
The Korean market consists of less than 20% of the global market.
Taxes being imposed affect the exchange itself more than the trader. (even then, the trade is only paying 2.2%)
This also doesn't take into account macro economics and trade history.

So yeah, btc at 20k at the end of december?
Pshaw, it will be 20k by April, 60K by december.

[Balab01]

I am sure that the fee will increase, due to the fact that popularity of these exchangers will decline, it is possible that companies will go to such losses in order not to lose customers.

[Omnopon)]

This is definitely the year of the altcoins, I'm sure of it. Bitcoin from the New year began to slowly but confidently lose in capitalization, and after the recent introduction of a tax on exchangers by the Korean government, it will completely fall

[IlfarIldarovich]

I think over time , many countries will come to the taxation of the crypto market, as I would not like but it will be . But I hope we still have time to earn

[Fahim]

Of course, the government of any country sees that in the world of cryptocurrencies large amounts of money turn around. Of course they want to cut off a piece of a tasty pie. They come up with rabid taxes. In my opinion, this is not entirely fair. If taxes were not high, then many were happy to declare their income from the crypto currency. But, when it comes to 55%. Then sorry - this is a real robbery.

[dulari1]

i think we all pay taxes on other tradings too , and on profit on selling assets / i.e capital gain tax .

so why govt will spare this market , they will charge tax and nothing wrong .

[anthinguy21]

Maybe almost you guys think this will affect to cryptocurrency in bad way but IMO I think it's a good signal for the future of cryptocurrency. When the government is going to control the cryptocurrency that mean they're going to legalize cryptocurrency as a local currency in their country and of course we will have to pay taxes for cryptocurrency income although our income will be decreased but we will be able to use cryptocurrency to pay for everything we want to in this country

[Ging]

so fianlly south korea really understood the need of this technology good news regulating bitcoin and altcoin is positive initiation after all hope to here more positive news soon.

[tinof]

Taxing is not bad at all. Taxing means that they recognize exchanges as legitimate business. This is the first step of regulating in a good way.  

[Leyss]

The collection of taxes from stock exchanges and exchangers in South Korea is basically good news. It means that at last the government has recognized the circulation of the crypto currency legal in this country and it's time for a quiet work in the crypto currency market. Taxation in any case was necessary, and 24 percent is not such a big percentage to panic and believe that because of this bitcoin will fall in price, or sales will decline. The income from the purchase and sale of crypto currency on exchanges and exchangers is very large, so it is more profitable to pay even a quarter of the profits as taxes and calmly trade further than having permanent problems due to the unanticipated and unstable market-based crypto-currency relations.

[Flor1982]

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.

For me the whole event is just a drama so that the government of South Korea could impose tax fairly to the crypto currencies in which obviously they could not stop it so they create an scenario in which they would try to Ban the crypto currencies but the truth is everything is just a drama so that the South Korean people will not protest against the tax and to consider it good than banning it.

[kakawin]

The collection of taxes from stock exchanges and exchangers in South Korea is basically good news. It means that at last the government has recognized the circulation of the crypto currency legal in this country and it's time for a quiet work in the crypto currency market. Taxation in any case was necessary, and 24 percent is not such a big percentage to panic and believe that because of this bitcoin will fall in price, or sales will decline. The income from the purchase and sale of crypto currency on exchanges and exchangers is very large, so it is more profitable to pay even a quarter of the profits as taxes and calmly trade further than having permanent problems due to the unanticipated and unstable market-based crypto-currency relations.

This is really a step forward for the development of crypto currencies. The introduction of tax in South Korea will only benefit all crypto currencies. I hope this will make the price of bitcoin more stable, at least news about a possible ban on crypto currencies in South Korea will no longer affect the market.

[xarly1]

I guess sooner or later it will be available in all countries .And this is a good sign, so this market is recognized by world powers , this is the future

[agustabiat]

I'm not just south korea, but chances are all countries will be taxing in cryptocurency

[kruzer200]

I think that this year will be successful for experienced investors, and newbies will lose large sums due to the fact that all the processes market are very accelerated

[imteaz]

I think its good, that govt asking people to pay tax, whatever you make profit. Means govt accepting crypto currency and more and more govt will adopt it. I hope china come back and do same thing, it will be huge for in this industry.

[noictib]

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.

I think here such type of tax system will make people force to down the work of bitcoin Because this is not that better rule of taxation . Tax of 24%+ is really a big amount because here the workers in cryptourrency how can they pay if they will make very small amount of earnings and will pay more than that what they will make .
In actual my view toward this taxation system is saying clearly that they will not fully make people free to use bitcoin and at another side their rules will make people to leave bitcoin ,in this way bitcoin popularity will go down more than what people were using without more restricted rule of tax .
And also at another side if anyone will exit through this work then during withdrawal of all of his money he will needed to pay 24% tax no matter he is in profit or loss .

[IamAltcoinfan]

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.

Yes it is good for long term run because government imposing tax means it’s considering crypto currency as a legal assets . So people start to believe more on crypto as they paying tax no need to worry about ban and other things. Yes for short term it’s bit difficult long term it is great move.