I can feel the South Korean crypto supporters. There is indeed an apparent discrimination against them in this leaked tax proposal for cryptocurrency. With an income tax as high as 20% and a minimum threshold of as low as $2,000 a year, this looks like hard persecution against crypto investors.
Indeed, how do crypto investors or traders differ from stock investors or traders?
I can only hope that their planned petition directed to the president himself would push through and would bear some good news. After all, this is just a mere proposal for now. But it makes me curious as to why this information was not made public until a leak happened.
Topic: Korea proposes 20% tax on crypto trading starting 2021 - page 5. (Read 520 times)
I think 20% tax is high considering that a lot of countries are still enjoying free tax from crypto trading. But maybe, there are benefits among SKoreans?? Watching how SKoreans here will react to this news...
I don't live in Korea, but I find this interesting nonetheless.
The disgruntled citizens have a good point with this:
Not sure what the rationale is behind hitting crypto owners harder than people investing in the stock market, but then again a lot of decisions made by government committees don't make a hell of a lot of sense anyway.
It seems really strange to me that news stories like this are appearing over 10 years after the creation of bitcoin. It amazes me that there are still governments (and not just Korea's) that haven't completely figured out to handle cryptocurrency from a regulatory standpoint. It's still like the wild west sometimes.
The disgruntled citizens have a good point with this:
Quote
Their argument is that stock market gains carry a minimum threshold of about $16.5k while the proposed minimum threshold for cryptocurrency trading is only about $2k. Furthermore, the stock market tax will be applied in 2023 whereas the crypto tax would start next year if passed.
Not sure what the rationale is behind hitting crypto owners harder than people investing in the stock market, but then again a lot of decisions made by government committees don't make a hell of a lot of sense anyway.
It seems really strange to me that news stories like this are appearing over 10 years after the creation of bitcoin. It amazes me that there are still governments (and not just Korea's) that haven't completely figured out to handle cryptocurrency from a regulatory standpoint. It's still like the wild west sometimes.
It's been a long time coming but it looks like they're finally here. Crypto taxes in South Korea.
Took them long enough. Honestly they don't look that bad. it's better than the capital gains threat that was being thrown around for a while.
20% on gains, minimum threshold is $2k/year, filed under income tax, starting October 2021.
https://thenews.asia/korean-crypto-tax-amendment-sent-for-review/
Took them long enough. Honestly they don't look that bad. it's better than the capital gains threat that was being thrown around for a while.
20% on gains, minimum threshold is $2k/year, filed under income tax, starting October 2021.
https://thenews.asia/korean-crypto-tax-amendment-sent-for-review/
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