🤔 South Korea introduces new tax on cryptocurrency exchanges

[duchung]

Wow, in my country, they don't have strict rules for this, luckily! I mean we cannot trade or make money online if the government banned it

[Getcoinsite]

This was one of the reason why the price drops hugely early this year,this korean and Chinese news,that made exaggerated by the news agency.they sucks the market and until now we're suffering because of that,besides this news only defies some policy towards crypto but not totally banning

[zhanyiguai261315]

Paying taxes means that South Korea acknowledges that digital currency transactions such as bitcoin are legal. Great news! And this tax is already low relative to some countries, right?

Block chain new technology is born, the first wave is very normal!

[doctordidi]

this is good news south of Korea already impose taxes or legalize bitcoin in the country, hopefully in other countries also follow. so that bitcoin price can reach its highest point.

[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.

Will,maybe this is the result why the government of korea not impulse totally band of all cryptocurrency in there country,they make a treaty to,all the exchange traders in there country to implemement a tax of 24.2% from corporate and to the local income tax,so that this will become usefull to the rehabilate to there community.They impulse these law to prevent some exchanger to used this cryptocoin in the money laundering.

[tulpash]

Paying taxes means that South Korea acknowledges that digital currency transactions such as bitcoin are legal. Great news! And this tax is already low relative to some countries, right?

Block chain new technology is born, the first wave is very normal!

This is really good news, I also see only positive in this news. This really means full legalization of the crypto currency in South Korea. But some news agencies can present this news as negative, so we need to carefully analyze every news. 

[hoangmika9x]

Then they unban ICO too?

[ajochems]

If bitcoin had been regulated in all over the world. Then bitcoin will become legal phenomenon,so the price of bitcoin will increase like climbing the mountain in a hour.So the price of bitcoin will increase to the new peak.If it happens,many will start to invest in bitcoin and lead further more raise on the price of bitcoin.

[emmybd]

I think South Korean Government has done the right thing. Most of these exchanges have not been fair in their dealings, so they should be properly regulated and taxed.

[stripykitteh]

Wow, in my country, they don't have strict rules for this, luckily! I mean we cannot trade or make money online if the government banned it

That's only if they catch you doing something wrong. If you aren't doing anything wrong then they won't bother you.
Use something that can block IP's.

[TravelMug]

Paying taxes means that South Korea acknowledges that digital currency transactions such as bitcoin are legal. Great news! And this tax is already low relative to some countries, right?

Block chain new technology is born, the first wave is very normal!

This is really good news, I also see only positive in this news. This really means full legalization of the crypto currency in South Korea. But some news agencies can present this news as negative, so we need to carefully analyze every news. 

Oh well that why its call fake news. The intention is to really spread false news causing a panic to investors. That's why it is really advisable not to listen but you have to understand what's going on and used your common sense before making any decision. As newbies this is the a mistake that you won't forget and its gonna be a expensive lessons to learn.

As for South Korea, yes, this is a good move, so that at least if another step toward the legalization of crypto in the country and that people will not be nervous as to what direction the South Korean really want. So at least we all know by now that they are pro-crypto unlike China who made a sudden U-turn.

[Valermos]

I think the tax rate is rather high, so less people would keep their crypto in the South Korean exchanges which means potential loss for the country.

[Xising]

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 !

I agree. I think this is inevitable to happen. Governments would try their best to control and make the cryptocurrency market work for them. Making laws and imposing are just a few of those means to control it. I agree as well with the above-stated reply saying that since there are now taxes that implicitly makes cryptocurrency transactions legal, and thus, more and more people would be a little more comfortable embracing the technology, and since it's in Korea, where most people are technologically inclined, I hope it would work for the better.

[lakimens]

This is definitely smart marketing.

[Cacaparg]

from goverment side it is a good step coz cryptobusinees now is dificult to kill, so if you can not change situation -  accept it and thing what benefits you can get to receive

[sedahan13]

In my opinion this is good news, that mean South Korea Government regulated exchange and organized it, so this is will be good for cryptocurrency market and will be increasing the demand.

[Flor1982]

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.

Every citizens in a certain country that will legalize Bitcoin and other digital currencies should be used to the Bitcoin tax as this is the part of regulation in which a country will surely to impose such taxation policy to be use to improve the economy in which this is better than to ban Bitcoin investments.

[mikfresh]

Well the prediction for now is getting reality. I hope the second part will become true as well. We can only do our best for the community to grow. And by protecting people from scams that tend to move people away from the market

[sachdientugoogle]

Its better than they will not ban Cryptocurrency which is down like hell now. Looks at my portfolio it drops 80%. That's really sad to look at it. Anw south korea is one of the largest economy in Asia so If they regulate cryptocurrency , other investors will not lose money in some scam ICOs like Bitroad.io. I lost some money because of this naughty scam.

[CryptoThrasher]

I could only imagine what the USA gov will charge for tax.... 33% to 50% I'm sure.  Just pure greed!