South Korea discuss the possibility to give crypto a legal status

[hello_good_sir]

This is old news. They have been planning this for quite some time. The government first announced that they will be ending the tax benefits for Bitcoin sometime during mid-2018. As a first step, they had made cryptocurrency exchanges ineligible for the income and corporate tax deductions, which are provided to small and medium-sized enterprises.

I thought they already legalized the market and all the exchanges are functioning as per the rules and regulation set by the government and they could spend bitcoin in stores.

This was a major blow to many of the exchanges. For example, Bithumb paid 27.2 billion won as corporate tax on its net profit of 250 billion won during 2017-18. Under new rules, they are liable to pay almost double that amount (close to 54 billion won). For the past several years, the finance minister (Hong Nam-ki) had adopted a hostile stance towards cryptocurrency and I don't expect it to change anytime soon.

Does the government having a hostile attitude and extra tax for the crypto exchanges or are they collecting the tax as per the normal standard in Korea, if they are only collecting the normal tax slab you cannot call it a hostile attitude as you cannot exempt one sector and collect the same tax from other sectors as it will create further issues.

No, the South Korean market was never fully legalized I remember. They gave ICO's and exchanges the chance to operate there and didn't ban them from running their companies, but it was always in a grey spot, and I am assuming that this move is going to tip them over the edge and make it fully legalised.

Not hostile at all to be honest. It was never fair for crypto businesses to get away with paying less tax and it might have been a good strategy because people where definitely more interested in running crypto companies since the government was more lenient on them, but now it's time to face reality and pay up to the government.

[bitcoinposts]

South korea is completely working on legal framework for crypto currencies in the market This framework may open new countries to form legalities

[inthelongrun]

I can feel you op. In Philippines there are also ongoing sessions on our lawmaking body that studies on how to effectively implement taxes on digital currencies and other forms of online activities that generates income. I don't really have problem taxing crypto. What worries me is the size or percentage they will charge. I am in a country where the working class are paying a minimum of 30% on taxes while the rich and big companies are charging their taxes to its clients and customers. 

The positive side on South Korean implementation of taxes on crypto is its legitimacy. I believe there will be more people in South Korea investing and utilizing crypto because of its legalities. 

[cotton ball]

When my country open public for discussing about bitcoin and altcoin become legal currency payment? We need change our payment system from slowly transaction become faster transaction with using bitcoin and altcoin as payment currency, many country have adopt bitcoin become legal and now south korea have start for discussing with legal for bitcoin and altcoin, when my country want to make bitcoin allowed for every transaction kind?

[alrose]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

It is not only South Korea that is in this situation.In this case, many on the local branches need to do the same.Petitions are good, but in General are unlikely to help fix the situation.Against regulators and governments, these petitions are powerless.It's a fact.The second side of the question does not allow me to calm down-how will the taxation of cryptocurrencies occur?If there is a ban in one country, it can easily be circumvented in another.It's a vicious circle that's not so easy to break.

[Genemind]

Their government will surely take cryptocurrency as an opportunity to tax users. We can't change the fact that the government will only accept it if they will gain something from it. However, it couldn't affect most of us users negatively as long as we're able to find ways to earn. South Korea is a huge country so the legalization has a huge impact on its growth.

[bounceback]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

this news is not interesting for investors and bitcoin users in South Korea if in their country currently have to pay taxes if using bitcoin and other cryptocurrency and in my opinion this is very beneficial for their country and helps economic growth because for bitcoin users who have to pay taxes every month , especially we know that South Korea is currently adopting a lot of bitcoin throughout Asia.

[Memminger]

Is it really too bad for the South Korean government to impose taxes in cryptocurrencies. I mean that aren’t you being too greedy? Isn’t it a part of your responsibility as a citizen to pay taxes since it would be used for the country’s prosperity. As long as the taxes are reasonable and the taxes would only be imposed with reasonable minimum income stated by the law earned in crypto then I guess there is no problem there.

[pgbit]

South Korea has always been viewed as one of the most Cryptocurrency friendly countries in the whole world, I am surprised when I saw this news because I was thinking that Cryptocurrencies were already legal in the country, atleast it's not illegal because South Koreans are one of the biggest investors in the space and even the biggest messaging service (Kakao talk) had their own Cryptocurrency project, I would play my own part though.

[coinfinger]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

I didn't think that people will support you in the aspect of writing a petition again them for taxing cryptocurrency because it will get to a point that virtually all countries that will adopt cryptocurrency will do same thing and this news is even more encouraging that Korean government would not be banning cryptocurrency, and one question that you need to ask is if you prefer them to create a taxing system for cryptocurrency, or to declare cryptocurrency as illegal, the choice is yours, but for me, I would rather prefer they tax because I don’t see why we should run away from tax.

They are not stopping us from cutting the third party off our usage of bitcoin now, but for the part that is more important to government is taxing which you will be offending them greatly if they don’t get to tax.

[DabsPoorVersion]

i thought Korea is a country that is friendly with cryptocurrencies as like Japan. or maybe at the moment still friendly, but new regulations will be put in place which might be a little burdensome to users such as taxation. I guess the ledge of applying the tax by the Korean government is a bit thicky.
because not all cryptocurrencies invested end in profit, the government must be able to filter which ones are really need to be taxed.

Yes, but Korea is still staying neutral with crypto for now. This is still a possibility and more consideration they need before they finally legalize bitcoin in their country.
If they implement the tax in crypto, it is for the good of the country, and I don't see any bad thing about that.

Also, if they add taxation, it is their decision on what source of income they will apply.

[Youghoor]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

This action by the South Korea government is good thing to officially make cryptocurrency legal. Legalisation does not necessarily mean that people will be taxed for using cryptocurrencies. It means the country finally recognised the use of cryptocurrencies as a legal entity. People with companies or platforms that provide services in the crypto ecosystem are the ones who are likely to pay some taxes for their services they provide to people. Individual people are not gonna pay taxes for owning cryptocurrencies...

[JC btc]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

This action by the South Korea government is good thing to officially make cryptocurrency legal. Legalisation does not necessarily mean that people will be taxed for using cryptocurrencies. It means the country finally recognised the use of cryptocurrencies as a legal entity. People with companies or platforms that provide services in the crypto ecosystem are the ones who are likely to pay some taxes for their services they provide to people. Individual people are not gonna pay taxes for owning cryptocurrencies...

Korea has really been positive with Bitcoin, when in fact, their financial regulatory bodies as per reports last year, it was reported that they will support normal crypto trading.

Actually, South Korea is the 3rd largest market for Bitcoin trades all over the world, this is according to the report by BBC, as their demand there gets so high, so this dramatic increase in interest by Korea to crypto investment is one of the reason that they will legalize crypto there.

[Eclipse26]

Strangely, people want BTC to be legal, but when BTC is considered legal, people don't want to pay taxes. If BTC is legal, then paying taxes is obvious. Before you do this you have to learn about tax rates.

You said it all. They don't want banning and restriction but now that they were given a chance to legally accept bitcoin on their country, they're still not contented and still find something to complain about.  In exchange for legalization, you have to pay taxes. They only want to benefit but don't want to suffer a bit but it's not always like that. When in fact, it's for their own good as well, we still the one benefiting from the tax we pay.
Personally, whether if it's legit or not, I see this as something good about bitcoin and crypto.

[Hamphser]

Strangely, people want BTC to be legal, but when BTC is considered legal, people don't want to pay taxes. If BTC is legal, then paying taxes is obvious. Before you do this you have to learn about tax rates.

You said it all. They don't want banning and restriction but now that they were given a chance to legally accept bitcoin on their country, they're still not contented and still find something to complain about.  In exchange for legalization, you have to pay taxes. They only want to benefit but don't want to suffer a bit but it's not always like that. When in fact, it's for their own good as well, we still the one benefiting from the tax we pay.
Personally, whether if it's legit or not, I see this as something good about bitcoin and crypto.

Is it too much to pay for taxes of cryptocurrency in their country? They should be lucky to have bitcoin as legal on their country since not every country do like to make bitcoin as legal. People just wanted the free money they don't want to pay the people who make it possible to have a legal agreement about cryptocurrency.

[ILuckyGuyI]

South Korea is one of the the countries that are highly interested in cryptocurrency market. It is very good to see that South Korea government is discussing to make a cryptocurrency legal in the country. Maybe, that action could create a hype among other countries.

[Xxmodded]

Asian country become most interested with bitcoin as legal currency payment, after China want legal using bitcoin and now South Korea have begin for discussing with bitcoin become currency in their country, many interested with South Korea people make government want to adopt and use bitcoin as legal transaction payment for the future with discuss first with their institution.

[finaleshot2016]

South Korea is one of the the countries that are highly interested in cryptocurrency market. It is very good to see that South Korea government is discussing to make a cryptocurrency legal in the country. Maybe, that action could create a hype among other countries.

I'm literally proud that South Korea is getting used into crptocurrency, their country is getting better with the use of technology. Koreans are good at making decisions, maybe it's their advantage to do good decisions in the market.

While here in my country, even we have a lot pf platforms that accept BTC and a lot of users/investors but didnt even get successful in life because most of it are just self desires and greedy. I can't blame them since we're on a third world country, life is getting crucial.

[White Christmas]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

If they legalized the crypto in the South Korea then there is also a big possibility that the tax in the crypto will occur and will be done. One of the great thing why bitcoin and other cryptocurrency are keep on processing is because of it's tax free and this is also the reason why it is very strong of being a decentralized.
If the government try to legalized the crypto in the South Korea then probably the government can control the cryptocurrency in their country and the investors are the one who will hurt about because they will be paying taxes once it was implemented.

[WatchMaker]

Currently, crypto is NOT taxed in korea. If they do this, it most likely WILL be taxed in korea.

Please everyone, for the sake of me, let’s all sign a petition to stop the Korean government from doing this to ME and everyone like me. This will not raise trading volumes on korean exchanges and will only hurt those invested in crypto in korea.

Damn you Korean government! Damn you all to hell....!    Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

First off, who told you the South Korean government will tax cryptocurrency traders? Did the South Korean government outline paying taxes for cryptocurrency investors or what? As per as I know, the South Korean government is very impressed with cryptocurrency, they like cryptocurrency and also South Korea is one of the best cryptocurrency safe haven on the planet just like Japan.