🤔 South Korea introduces new tax on cryptocurrency exchanges

[bvg96634]

ho! this one was happened in south korea 24% of tax means it is difficult they need more time to get profit in cryptoworld. i think due to this happen the bitcoin price was increased more than 20k $ also they are not satisfied with this profit.

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[shwetaji]

I don't know more that South Korea introduces new tax on cryptocurrency exchanges. Please tell someone.

[amitkumratra]

This is a good news for South Korean peoples and now they are free to do crypto trading with 24.2% tax slab.
By the example of this, other countries should also make tax slab on crypto trading and make crypto trading legal. From this thing, people can trade crypto freely and government will also earn tax in huge amount.
I wish our government will also do the same think and make it legal.

[Vart4varta]

In South Korea, taxes on the use of crypto currency are only being planned. Hearings in the national taxation department were carried out in the middle of October. The tax service said that business using crypto currency is taxed, there are discussions about the possibility of taking taxes for capital gains.

[Vart4varta]

Take part in the bounty. If anyone does not already know, in simple words, Bounty is a certain percentage of tokens that start-ups (ICO) are willing to pay to ordinary people for spreading information about their project to attract more attention and, accordingly, more investments. And funds for this stand out, believe me, very much. That's what we can use to earn tokens (coins) for subsequent sale on the exchange. And get your percentage with the right approach is very simple and for this you do not need to have special skills.

[GlassMaster]

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.

The exchange in South Korea exactly after such a tax will die, this and commission will also grow. Thus, all the profits received will be reduced by a third, whether it is profitable to make an exchange then or better leave it in your wallet and then exchange it through trusted people to their wallet and receive money in their hands.

[Angelia46]

I don't think it's bad news, but a tax on the whole market would at least mean that it's legal to trade bitcoin, right? Other countries are also planning to levy a tax on encrypted money markets, a trend in the future.

[Lora_ng15]

probably because of such regulation, the level of security will grow, but otherwise there is no sense in regulating it, only losses (

[megi440c]

South Korea declares that the fintech company will probably register its company into Financial Supervisory Service or FSS legally. This action will eventually lead to the provision of money transfer services internationally in small funds. Once registered the profits of the Fintech company are able to use various methods to send money abroad including using virtual money which is none other than bitcoin.
but There are several conditions that must be met by the Fintech company. The requirements in question include having to have paid up capital of more than 2 billion won. The company's debt-to-equity ratio should be below 200 percent. In addition to positively impacting consumers unfortunately this law also raises competitors for today's banks that first serve money transfer transactions. If using the Fintech company in remittance, the time required is much shorter than through banks. In addition, usually commissions taken by the bank to send money is more expensive than using a fintech company.
this is good news and hopefully followed by other countries.

[webmone]

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.

It is interesting that SouthKorean officials so confident that they can monitor the incomes in cryptocurrencies. Otherwise the experience of South Korea would be useful for other countries and their governments.

[bhoybitcoin]

I think it is the result of hitting big time in crypto. There are also many investors and traders in Korea that's why their government implemented this new tax rule. Korea is into crypto right now. Just wondering what will gonna happen after 2-3 years. Does Korea will still take their part in investing to crypto?

[OrcaTech]

The government employee of South Korea, who took part in the initiative to regulate trade in cryptocurrencies, was found dead at home on Sunday. Local media reported that the cause of death of 52-year-old Jung Ki-Joon was a heart attack. 

[Tim2412]

yes it is really better way  to use tax on on cryptocurrency exchanges than banning all cryptobusiness. to my mind China and another countries will  do the same

[Iyanu14]

The move is a good one from south Korea if tax is changed on crypto it will be regularized and this will be win win for both govt and the traders.

[pergola]

yes it is really better way  to use tax on on cryptocurrency exchanges than banning all cryptobusiness. to my mind China and another countries will  do the same

This is definitely better than banning crypto currency. A completely different question is the size of the tax, is it sensible to make such a large tax on such a young branch of the economy? It would be reasonable to make a small tax, which will come into effect in a few years.

[Valzador]

I do not understand what the relationship between korea market is taxed with bitcoin prices that will rise to 20k $ at the end of this year.

[ptolimeus]

I do not understand what the relationship between korea market is taxed with bitcoin prices that will rise to 20k $ at the end of this year.

I also tried to trace this connection between the growth of the bitcoin price and the taxation in South Korea, but I did not find a direct link. I see only such an indirect connection. The taxation in South Korea indicates that the government of the country recognizes the legitimacy of the crypto currency. Other countries can follow the example of South Korea. This will mean that the whole world recognizes crypto currency. This should give impetus to the development of crypto currencies. 

[jereh988]

Is it true?
then what is the name of the new exchange and what about the fee in the withdrawal transaction or altcoin income whether large or small? it looks like I really want to try the exchange.

[UsernameBitcoin]

This is actually good news for cryptocurrencies cause instead of banning exchanges the government has actually legalized the operations of exchanges by imposing taxes on them.

[Nagricoin]

I think this is good news. Because taxes better than forbidden