In South Korea, cryptocurrencies will tax.

[monoglaz]

The South Korean government is considering the possibility of introducing a separate tax for cryptocurrencies. This was told the Minister of Economy and Finance of the country Hong Nam-Ki (Hong Nam-Ki).

“We are preparing a tax plan and are now studying the experience of foreign countries that have already advanced in this area. The study is conducted in the framework of a working group, which includes both public and private experts. We are going to introduce a plan for tax cryptocurrency after a thorough study of the issue, ”Nam-Ki said.

It is reported that at the moment the development of taxation for cryptocurrency is at an initial stage, so it is not entirely clear what form the final bill will take.

The Minister of Economy also stressed the interest of South Korean regulators in holding primary tokens (ICO). True, the taxation of ICO is also still in the early stages of development.

“It is necessary to carefully approach the ICO, take into account the market situation, international trends and customer protection issues. We are investigating the direction of ICO and the results of the survey conducted by the Financial Supervision Service, as well as the opinions of experts, ”Nam-Ki said.

I think over time all states will come to this. The difference will only be in the tax rate and benefits.

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[hugeblack]

Taxes on these cryptocurrencies are defined as "assets" rather than currencies.
It does not mean anything, but trying to get more profits in a market that the government discovered contains millions of dollars.

Taxes on these currencies will be for economic purposes and not regulatory or to protect its members from Scam.

The taxation of ICO is also still in the early stages of development.

Yes, instead of charging fees in the initial stages, check those projects.

BTW move this topic to Legal

[clonely]

Also, G20 countries decide the take tax from cryptocurrencies. We will see soon tax regulation in these countries. I think it will be very good for all of us.

But we should see what will include this regulations.

[ivannalog814]

I've heard that many countries want to impose taxes on cryptocurrency only I do not understand how they will manage the database if cryptographic transactions are anonymous.

[tahozor]

Despite the rather negative idea of ​​cryptocurrency in South Korea, many traders still risk and use the stock exchanges of this country. These cryptocurrency exchanges have a huge number of advantages. Buyers have made of Korea's largest exchangers for the sale of air and Bitcoin worldwide.

[sehoon]

I hope koreans will find away to get a way with the tax. I hate the fact that government wants to even do this in cryptocurrency. Bitcoin is supposed to be anonymous and decentralized. If they're smart enough, they should get away with it. And also, I wanna know how the korean government will do the taxation.

[ict]

this news has long been circulating. even all countries will impose income taxes from crypto currencies. until now there has been no realization. This is because crypto currencies have not been legalized by all countries and there are no legal rules governing the circulation of crypto currencies.

[Idrisu]

Tax cryptocurrencies and bitcoin is going to bring cryptocurrencies into limelight. I am not against it at all and for us to be able to bring governments into cryptocurrencies market we must allow governments to tax it.  I believe that in future we would all understand this and find solutions around this.

[dothebeats]

It's bound to happen unfortunately. The case is how would it be treated and taxed as? Would it be capital gains or as assets? No one knows for sure. Right now, the South Koreans can only hope that this would not be an aggressive form of tax for them to not halt their trading operations. The way I see it, governments are making crypto look legal day by day for people to actually look into it, or just take profits without actual help for those in the field, whichever sounds best to your PPV and beliefs. If they think that this gives crypto some friendly vibe, it certainly don't. And it only scares away investors, too.

[Harlot]

I won't be judging their crypto tax yet since there are no official numbers being release for their tax rates. But I must say for now any rate bigger than what they are imposing on their regular taxes would be unfair, if the rates are somehow similar or even lower than it would be good for the country. Another thing that is concerning me is will they impose this new crypto tax on top of another tax or it will just be one tax for your earnings, this is also another issue that would change their market as a tax on top of another tax will be too much burden for its citizens.

[shinharu10282016]

I just hope it does go well for all the people there. We all know how these Koreans are into cryptocurrency right now, just look at how many exchanges are based on their country. How will they ever cope up with these kind of regulations when the very idea of cryptocurrency is decentralization?

[sinta23]

this news has long been circulating. even all countries will impose income taxes from crypto currencies. until now there has been no realization. This is because crypto currencies have not been legalized by all countries and there are no legal rules governing the circulation of crypto currencies.

now there are many discourses that impose taxes in each country, but this has not happened to date. so the CCrypto is calm. whatever happens even if the tax is set, we do have to behave appropriately, don't panic.