South Korea is a world leader in Bitcoin trading, and has had a famously open and liberal stance regarding the trading of cryptocurrencies. Now, rather than ban then, they are looking to tax them as the value of Bitcoin and its buddies has shot through the roof. The National Tax Service (NTS) in South Korea are proposing to tax both ownership and transfer as income tax. At the same time, the Korean Financial Services Commission are working on an official framework for regulation that could come as a double whammy to investors in the lucrative South-East Asian market.
https://coinblip.com/blog/korea-join-regulating-bitcoin/
https://coinblip.com/blog/korea-join-regulating-bitcoin/
I have no big problem with regulations if the main purpose is to make the playing field fairer, weed out scam artists from the industry and enhance the revenue of the government. However, if the intention of the introduced regulations is to stifle and control the cryptocurrency industry then it can be a big inconvenience not with Bitcoin but with their own citizens who are taking a liking with the said digital asset. We have to understand that the sovereign power of the country, though emanating from the people themselves, is now vested on those in the sitting authorities and we have to compromise on this area meaning we take regulations for recognition.
There is nothing wrong if the government will be taxing all Bitcoin transactions as long as the rate is quite fair and the government would do everything in its power to run after the many scam artists out to victimize innocent investors out of their hard-earned money. We are all hoping that with these regulations as the backdrop the government sector and the Bitcoin community in South Korea would be working hand in hand so that everybody can feel and have the sweet taste of the many Bitcoin benefits and advantages.
I do understand that in terms of trading volume South Korea is one of the leading figures so developments from this small country positive or negative can have implications in the global Bitcoin movement.
