South Korea Opens Doors for Cryptocurrency

[debopam.chanda]

Slowly every country will open the doors for crypto currency.

[lodcoling]

South Korea is a country who plays a vital role in world economy and politics at this time. Now they introduce bitcoin to their country people. They not only introduce but also set a reasonable tax on it. Country people accept this decision positively. I think this decision lead other country to accept and set this type of tax policy for bitcoin. I think within a few years most of the country which play a vital role in world economy an world politics will accept bitcoin and set a reasonable tax on it.

[fortunecrypto]

It's a good news for Korean cryptocurrency investors, but their exchange hacked put the industry in a downtrend, they need to hire first-class coder and security experts, to secure their exchange, this is very important if they want their locals to trade in their platform.

[keycellko]

This is just good news. More and more countries against bitcoin or cryptocurrency will soon emerge along with South Korea and embrace it. Nonetheless there will be regulations, so long as investors are free to buy and sell crypto, that's just about right.

[amrishantil]

Thats a great news and hope more countries will follow this trend. But what make me worries is cryptocurrency heist which hit South Korean exchange yesterday. I heard that exchange lost around $31m.
Hope when new countries are accepting the crypto trend there will be more regulations to protect the interest of investors and may the corrupt hackers will be caught.

[jpespa]

It may be a slow progress but still better than nothing. This will contribute to the bitcoin price movement since many investors from Korea will gather up again to invest and work for bitcoin.

[lehuong]

In the future, Korea will set up a bitcoin market research firm to pursue more beneficial policies for bitcoin. Korea's official opening for the electronic money trading platform so that the market is more stable and easy to control,

[Fourgh]

Before this time, almost Korean investors really worried about new tax policy for cryptocurrency.
That's why all news said the government will apply 3~40%taxes for crypto at Jul~Aug.
But today, the government said we will apply 10~15%taxes for crypto like interest income tax, and it is very acceptable to all Korean investors.
Also they said we feel hard to say it will happen within this year and although will happen this year, there will be 1~2years stay period.

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&oid=023&aid=0003382087&sid1=001&lfrom=kakao

In conclusion, Crypto is accepted by government's legal property, SO MANY KOREAN INVESTORS WILL GET INTO MARKET AGAIN!

it's good but It contradicts the exiatense of Bitcoin, Bitcoin was created to be tax free and away from government or any central agency. That's the price of integrating it with governmwnt policies.

[kmil91712]

Glad to hear that. South Korea's economy is currently 11th largest in the world. So i think many top investors will be interested in Bitcoin and it will eventually helps the price to increase.

I was thinking the same thing. 

[Dudeperfect]

This news is not yet confirmed and thus it is very suspicious in nature. According to some websites, this news is fake and South Korea is not planning to levy any tax on cryptocurrencies.

* South Korea denies report of capital gains tax on cryptocurrencies.

* South Korea: Reports of 10% Tax on Cryptocurrency Gains Are Fake.

We have seen such thing happening with the name of India too but that was also the fake news planted in the market for some unknown reasons. In fact, government and the central bank have instructed banks to stop giving services to the exchanges involved in cryptocurrencies and the deadline is within a month.

[Quras]

That's the greatest news of all week. South Korean crypto market is huge. it will help many investors to trade again.

[ChaChaiTL]

According to sources, Korea is having an open policy on bitcoin trading. This is an important event for the bitcoin community as well as for Korean bicofinate members South Korea Opens Doors for Cryptocurrency.

[InvestICO2L]

It is a good thing that Korean governments are charging tax and that too of fair amount. at least they are not giving statements of banning crypto and all like the government in my country. This move will definitely give confidence to the investors and I wish to see such regulations in my country too.

Exactly, it’s such a great news not only Korean but also other countries. Because when a country accept bitcoin, it would be much more likely to make others accept cryptocurrency, also it pave a way for digital currency to develop considerably. Gradually, cryptocurrencies are perhaps accepted in the most parts of the world. In fact, when  governments accept bitcoin, they definitely find out a huge benefits that they can exploit from bitcoin. Evidently the tax is quite high but anyway it’s better than imposing a ban on bitcoin. Congratulation to korean investors!

[datnguyen0912]

how to do it right I hope the future of countries around the world will do so

[alinalovedoogie]

In the sea of so many bad news, this is really a good news. I believe that South Korea is one of the most crypto friendly countries in recent time. And I hope they will take decision to spread it over the country in coming days.

[BulbaLord]

South Korea opens door for crypto?  Well its nice to hear that and that is a good thing and I hope many country try to open doors for crypto currency. Soon I know it will rise the value of crypto currencies.

[Marlo Stanfield]

Before this time, almost Korean investors really worried about new tax policy for cryptocurrency.
That's why all news said the government will apply 3~40%taxes for crypto at Jul~Aug.
But today, the government said we will apply 10~15%taxes for crypto like interest income tax, and it is very acceptable to all Korean investors.
Also they said we feel hard to say it will happen within this year and although will happen this year, there will be 1~2years stay period.

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&oid=023&aid=0003382087&sid1=001&lfrom=kakao

In conclusion, Crypto is accepted by government's legal property, SO MANY KOREAN INVESTORS WILL GET INTO MARKET AGAIN!

That is pretty good news I guess. If they were seriously going to enforce something like up to 40% taxes on crypto that would be absolutely insane and almost certainly do a good job of killing a lot of the legitimate demand. It would probably drive a lot of people to try to evade paying any taxes on crypto at all I'd guess.

[Gen-8]

South Korea set up a task force including private experts to increase the transparency of cryptocurrency trading and establish a healthy trading order. The government should also consider forming new committees and establishing a system of government at the level as an effort to systematically establish a blockchain policy and efficiently provide industry support. South Korea will also form the legal basis for trading crypto currencies, including permits from ICO, through the Standing Committee of the National Assembly. Surely this is good news, and the real evidence of the development of digital technology will soon be visible and also felt.

[Filthy1]

Great news for the Korean crypto community as they hold a good share of traders.

[neo444]

10~15% taxes for crypto in South Korea is  high and that value gonna reduce the profits of korean people in crypto i hope cryptocurrency be legal in my country