To impose 24% taxes is not that clever since people will just move their businesses and operations elsewhere. Moreover, cryptos is such a volatile realm, that one day you earn incredible fortunes, but the other day you may as well lose them literarly overnight. So what happens when you lose? Would the state partecipate in your losses, just like it participates in your winnings?
Unfortunately the state wants only a part of our pie, it does not want to share our risks. Therefore, people who are closely connected with the crypto currency will move to other places where taxes are not so large or where they are not at all.
Topic: SOUTH KOREA BACK IN THE GAME? 24.2% isn't too bad - page 2. (Read 671 times)
To impose 24% taxes is not that clever since people will just move their businesses and operations elsewhere. Moreover, cryptos is such a volatile realm, that one day you earn incredible fortunes, but the other day you may as well lose them literarly overnight. So what happens when you lose? Would the state partecipate in your losses, just like it participates in your winnings?
Unfortunately the state wants only a part of our pie, it does not want to share our risks. Therefore, people who are closely connected with the crypto currency will move to other places where taxes are not so large or where they are not at all. 
I think 24% is high, may be very high. They are risking to lose some of the business. And this money will have to come from traders pockets one way or another.
To impose 24% taxes is not that clever since people will just move their businesses and operations elsewhere. Moreover, cryptos is such a volatile realm, that one day you earn incredible fortunes, but the other day you may as well lose them literarly overnight. So what happens when you lose? Would the state partecipate in your losses, just like it participates in your winnings?
Am i reading this correctly and why not posted here before?
Or not as clear as it seems?
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
i guess now anon accounts are banned the individual will be taxed as income or cgt
looks like they are back in the game anyway
china next?
better than a blanket ban right ... or not?
Is this not a good thing i see many see it as a negative announcement?
Or not as clear as it seems?
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
i guess now anon accounts are banned the individual will be taxed as income or cgt
looks like they are back in the game anyway
china next?
better than a blanket ban right ... or not?
Is this not a good thing i see many see it as a negative announcement?
Every buisnes is paying taxes so some will have to be paid but guys don't worry there is so many WAYS to not have ANY INCOME
today...Exchanges can "buy" IT work from outside the country and bam... at end 0 tax to pay, becouse you don;t have income.
You can allso by some sevices offshore ext there is many ways to avoid taxes. Most companie not pay any at end.
I am not sure whether this is bad news or not. The tax rates are reasonable, but the attitude of the government officials remain extremely negative towards crypto-currency. On top of the new taxes, I am sure that they will create more and more obstacles for the normal operation of the exchanges.
Are you kidding? I'm not sure that 24,2% is reasonable tax. As for me, it is too much and I think many will want to find other exchanges that are not burdened with such a large taxThey have some rules like very countries about tax. I'm not competent to speak about it so here is the link about their tax.
https://home.kpmg.com/xx/en/home/insights/2011/12/korea-income-tax.html
https://tradingeconomics.com/south-korea/personal-income-tax-rate
If your earnings go above some sum, you will need to pay another tax, so that 24% plus another tax. Otherwise the tax man can show up on your door or backdoor if you know what I mean and nail you good.
I am very happy with this, I hope other countries will soon do the same with what korea do, this is one good news for the development of crypto currency
This won't be helpful for the crypto market.
this will bring about high transaction fees and it will be like it was in the fiat market.
this will bring about a slow growth in the crypto world unlike what we saw in the late 2017.
but its better than complete ban.
this will bring about high transaction fees and it will be like it was in the fiat market.
this will bring about a slow growth in the crypto world unlike what we saw in the late 2017.
but its better than complete ban.
Although this is not the full ban for South Korea, I suspect the information about this 24% and over fee did not make SK gays happy. I suspect many big players on crypto market might immigrate. Just my thoughts only.
Not a day passed without SK banning or unbanning crypto. They probably pull a straw every morning/day/night.
I agree that South Korea is very important for crypto industry , but why 24% ?? Why not 50 % ? I bet Korean casino's have lesser tax ! 15% is a fair tax , but this is just a highway robbery.
In my opinion, 24% is not so bad, in some countries taxes are higher. In any case, the tax is better than a complete ban on crypto currencies. I believe that the crypto currency market will respond positively to this news. 
I agree that South Korea is very important for crypto industry , but why 24% ?? Why not 50 % ? I bet Korean casino's have lesser tax ! 15% is a fair tax , but this is just a highway robbery.
In my opinion, 24% is not so bad, in some countries taxes are higher. In any case, the tax is better than a complete ban on crypto currencies. I believe that the crypto currency market will respond positively to this news.
I agree that South Korea is very important for crypto industry , but why 24% ?? Why not 50 % ? I bet Korean casino's have lesser tax ! 15% is a fair tax , but this is just a highway robbery.
I agree, that the 24.2 percents is really success for us(cryptoenthusiasts),because if we lose South Korea for cryptoworld it will huge punch for cryptocyrrency.
I agree, South Korea is very important for us. When the Korean exchanges were excluded from the site coinmarketcap.com, there was a real panic ... This is one of the countries with the most developed crypto economy.
I agree, that the 24.2 percents is really success for us(cryptoenthusiasts),because if we lose South Korea for cryptoworld it will huge punch for cryptocyrrency.
I think it's just wonderful news. Legalization is much better than a complete ban. 24 percent of taxes are not the biggest tax rate. Perhaps this will somehow push the crypto market to growth.
There's no reason to be surprised on the imposition of taxes in Crypto Exchanges in Korea. It's just a motion to control Crypto Currency and maintain balance between paper money and Crypto money, it just happened that the government acted when Crypto Currency bound to reach its overwhelming value which could make it harder for them to take action into. A 24.2% tax policy for Crypto Exchanges is not so bad either, let's just continue patronizing ICO, Altcoins, and other Crypto Currency to be updated in a brand new milestone of monetary system globally.
I am not sure whether this is bad news or not. The tax rates are reasonable, but the attitude of the government officials remain extremely negative towards crypto-currency. On top of the new taxes, I am sure that they will create more and more obstacles for the normal operation of the exchanges.
Are you kidding? I'm not sure that 24,2% is reasonable tax. As for me, it is too much and I think many will want to find other exchanges that are not burdened with such a large tax I think that it's much better to move to another region. As for me, 24.2% is too much. I think S. Korea will lose it's potential with such a huge taxes.
That percentage is normal on their place. Yeah, this percentage gonna hurt especially if your only be converting small amounts. Anyhow, these changes will make good effects to the Reputation of Crypto.
i dont think Korea is back with this high tax no one want to pay lol,big crypto guys need time to take travel to another country to work again,then the prices blows up,
but now need only wait some news from China what happens....
but now need only wait some news from China what happens....
I am not sure whether this is bad news or not. The tax rates are reasonable, but the attitude of the government officials remain extremely negative towards crypto-currency. On top of the new taxes, I am sure that they will create more and more obstacles for the normal operation of the exchanges.
This won't be helpful for the crypto market.
this will bring about high transaction fees and it will be like it was in the fiat market.
this will bring about a slow growth in the crypto world unlike what we saw in the late 2017.
but its better than complete ban.
this will bring about high transaction fees and it will be like it was in the fiat market.
this will bring about a slow growth in the crypto world unlike what we saw in the late 2017.
but its better than complete ban.
Although this is not the full ban for South Korea, I suspect the information about this 24% and over fee did not make SK gays happy. I suspect many big players on crypto market might immigrate. Just my thoughts only.
Jump to: