🤔 South Korea introduces new tax on cryptocurrency exchanges

[photo123]

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 is good news
it means governments are accepting cryptos

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[dwiady]

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.

The bitcoin price will be more than its $ 8,000-9,000 drop, my forecast is until it drops at $ 6000, but if the price gets below it then the bitcoin will go down deeper and will be long to rise above $ 6000.

[borovichok]

In my opinion, the legalization of the crypto currency and the introduction of a tax of 24% is a very correct step for South Korea, which will have a very positive impact on its economy. In a few years, we will see the results of this decision, South Korea will rise in the ranking of countries in terms of economic development. 

[maxiimallist]

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.

The bitcoin price will be more than its $ 8,000-9,000 drop, my forecast is until it drops at $ 6000, but if the price gets below it then the bitcoin will go down deeper and will be long to rise above $ 6000.

In all likelihood, the bitcoin price will fall below $ 6000. This in turn will pull down all the other coins. It seems that the most pisimisticheskie forecasts come true. I think that a real panic can begin very soon. People urgently need good news, for example, about the temporary cancellation of tax for 1 year.

[landysh007]

I do not think that the introduction of a crypto currency tax is the right step. Undoubtedly the legalization of crypto is the right step, but not the introduction of tax. Perhaps the right step would be to create special economic zones with a tax-free regime for crypto exchanges, crypto currency projects and other activities related to crypto currencies.

[democity]

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

The tax rate is a bit high, and you need to know that the frequency of transactions in the encryption market is really high, and a high tax rate will further dampen people's trading enthusiasm. As a result, the cost of transferring to the user's hands increases.

[Kryten12]

Should this really have any bearing on the currency itself? It looks to me like they want to earn money from the businesses day to day operations. There was never any question over the legitimacy of crypto just regulation for those buyin and selling it. SK government behaving like a protection racket mob style 

[fudster]

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.

Bitcoin isn't their national currency of course they can't tax it unless its being cashout to WON and that's when they can get their cut.  It all comes down still to how much is the value of a btc, if it goes so high, then the money they can collect is much higher. The high the BTC price the bigger the money the btc traders can provide to their economy.

[MUGOmugo]

I do not think that the introduction of a crypto currency tax is the right step. Undoubtedly the legalization of crypto is the right step, but not the introduction of tax. Perhaps the right step would be to create special economic zones with a tax-free regime for crypto exchanges, crypto currency projects and other activities related to crypto currencies.

I agree with your opinion, it is much better that they would able to make a legalization about crypto rather than putting tax on the crypto currency because somehow the government would be able to benefit it at some point in time.

[Linggis]

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% corporate 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 for wise investors in this market.   

RothscoinTeam.

It is good that the South Korean government's policy of using bitcoin in the country.
And I think the government requires to distribute transaction data to banks aimed at avoiding criminal acts such as money laundering using bitcoin.
By reporting transactions to the bank it will always be monitored transaction data of someone using bitcoin.

[ZahaRip]

This is of course ridiculous. The only known information about transfers is the wallet. And the Bank can throw half of the transfers through another wallet and the exchange will not be against, since taxes are generally evil. People have long been accustomed to rely on themselves, and taxes are so that the government does not starve.

[AfterTheFork]

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% corporate 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 for wise investors in this market.   

RothscoinTeam.

It is good that the South Korean government's policy of using bitcoin in the country.
And I think the government requires to distribute transaction data to banks aimed at avoiding criminal acts such as money laundering using bitcoin.
By reporting transactions to the bank it will always be monitored transaction data of someone using bitcoin.

Its just a accountability move that the south Korean government is attempting and i believe it will have no negative effect on the cryptos, it will instead increase the level of trust, which is a good thing for crypto

[ternyabin]

At the moment, Tom Lee's prediction was correct. Perhaps bitcoin and in fact will cost more than $ 20,000 by the end of the year. In this case, the authorities of South Korea will receive very good taxes. 

[john_nautica]

I think with the application of taxes in korea is not a problem because in korea now it has become one of the major countries with the use of crypto and the application of such taxes in accordance with the conditions of korea that legalize crypto.