SOUTH KOREA BACK IN THE GAME? 24.2% isn't too bad - page 4.

flipperfin

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Activity: 161

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Quote from: cryptohunter on January 22, 2018, 10:33:29 PM

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?

I don't see why this should come as a surprise? Of course exchanges have to pay taxes of their revenue just like any other company does? Nothing negative in it IMO

5ensei

full member

Activity: 728

Merit: 103

24 percent tax is nothing in the crypo world. When there is a bull run it can rise 24% in one day so they can just cash out then with no ill effects. The South Korean government just wants a piece of the pie without having to take any of the risk themselves. Smart move and I'm sure other countries governments will follow as well. Better invest in privacy coins and DEXs to trade under the radar, cash out somewhere else!

DanWalker

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Activity: 1960

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Vave.com - Crypto Casino

I am confident that due to such government decisions decentralized trading platforms will develop much faster. And soon we will see a very strong Monero market)) The era of private coins is coming.

erox

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Merit: 106

I think it's too hard measures and the other countries will not follow the example of South Korea.

amitrovich

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Activity: 109

Merit: 10

Quote from: cryptohunter on January 22, 2018, 10:33:29 PM

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?

Article only talks about taxing exchanges for profits they made, not individuals trading. For exchanges to pay tax on profits - don't see any news in that. Even if they levy same tax on individuals (probably it's a different rate, but still) it would only be good news - it would clarify an official position and allow people to live peacefully. Smaller players who do not want to pay taxes can always use decentralized exchanges and localbitcoins or equivalent.

drogas

newbie

Activity: 168

Merit: 0

Quote from: boyjackyou on January 24, 2018, 08:27:51 AM

Most of the people commented here doesnt even read the article,24% tax for the corporate companies like exchanges and only 2.2% tax will put to the locals.Meaning the citizens,will only need to pay 2.2% of their cryptocurrency income and thats a reasonable percentage if you can make 300% from your trades monthly that will be small portion of your income.

True, but what if you don't make 300% though? Grin

Also, I don't really get why SK would want to be back in the game after trying to ban cryptos?

Synaesthesia

sr. member

Activity: 546

Merit: 253

haha... I have read that news before and I do not sell my coins. why they have to ban Bitcoin when they can collect tax from it. The market will recover soon after this information.

boyjackyou

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DATABLOCKCHAIN.IO SALE IS LIVE | MVP @ DBC.IO

Most of the people commented here doesnt even read the article,24% tax for the corporate companies like exchanges and only 2.2% tax will put to the locals.Meaning the citizens,will only need to pay 2.2% of their cryptocurrency income and thats a reasonable percentage if you can make 300% from your trades monthly that will be small portion of your income.

megget

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Activity: 140

Merit: 12

Blockchain Identity Verification

Quote from: cryptohunter on January 22, 2018, 10:33:29 PM

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?

I can not argue about the amount of tax 24.2%. Maybe for Korea this is normal. But the market reacted positively and this is the main thing.

kikoy999

member

Activity: 429

Merit: 10

Quote from: mpufatzis on January 24, 2018, 04:17:26 AM

Back in the game? Paying 24.2% taxes? I don't think so.
With so high taxation (I suppose it was much lower) I think the exchanges will move to other tax-friendly countries to avoid it.
At the end, all the taxes are paid by the customers. Bithub would increase the fees due to the higher taxation and the people would move to other crypto exchanges because of this increase.
What remains is to find out what will happen to the 200000 signature petition.

Yes thats true.

kramchers

full member

Activity: 854

Merit: 101

Quote from: cryptopuma on January 24, 2018, 04:24:08 AM

24% tax seems to be exagurated,koreans arent too dumb to pay for that clearly the government wants the full control about cryptocurrency trading and i dont think most of traders would agree.Surely most of the big players in there would move to another place like HK who doesnt have any regulations yet.What the heck are they thinking?cryptocurrencies are decentralized currency putting taxes on it will looks like it is a centralized like what fiat is.If im living in korea right now and i have decent amount of BTC i will migrate to other countries.

It ok to pay 24% tax than banning cryptocurrencies, everything you will earn on the trading and investment will the government gets 24%, a sure thing for an extra income for tax. it is okay if we are always on the winning side. but, how about when our investment lose? will they give the 24% back on your loss? just asking!

cryptomema

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Activity: 224

Merit: 12

Quote from: VitKoyn on January 24, 2018, 06:43:19 AM

Quote from: cryptohunter on January 22, 2018, 10:33:29 PM

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?

I think some people who commented here didn't even read the article, it says that south korea will put tax 22 percent corporate tax and a 2.2 percent local income tax for "cryptocurrency exchange", it is not a tax for cryptocurrency traders. I don't think that it is bad and I found it reasonable because exchanges should really pay their taxes because they earn a lot of money from this. Exchanges have no choice and just pay their taxes, it is better to have a tax than banning it right? so yes they are back in the game. But the question is how much tax will they put to traders gains.

Eitherway there will be some taxes to be implemented,theres no one could stop this.It is better to have some taxes out of our cryptocurrency trades,its much better people will be educated to what is cryptocurrencies and Bitcoin.For me this is better than putting cryptocurrencies to trash when the countries started to ban it totally,thus to what ive said earlier people will have some knowledge about crypto might trigger local people to join our growing community.

Diablesfunis

full member

Activity: 448

Merit: 100

It's a good news thay South korea is back into this game but i think 24% is a bit too high, i don't know how is the public service over there but if it's good then at least people can still enjoy the tax money. The potential in crypto is big so i think crypto still popular over there.

david0ikari

member

Activity: 280

Merit: 20

This is a good news... they will not intend to ban crypto anyway...the blockchain technology beside crypto is so important in Asia

LUCKY21

member

Activity: 224

Merit: 10

I think that over time, the tax will have to be paid to everyone who earns in the market of crypto-currency. It is the matter of time. The state can not completely prohibit crypto-currency. They understood this and went the other way.

Nebell

full member

Activity: 406

Merit: 104

You guys are crazy, 25% taxes is good. What did people expect, no taxes? It's income, and it's taxable, that's how it works.
Sweden have been taxing us 30% on crypto for a while now.
Shit if you're mining and earning a lot you could be taxed up to 70%.

Veterock

member

Activity: 238

Merit: 15

I guess,that It's better than full ban Wink

South Korea the 3rd market of capytalization in the world

Cnut237

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Activity: 1904

Merit: 1277

Quote from: cryptohunter on January 22, 2018, 10:33:29 PM

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?

It's about what I expected, I think it is good news - news about countries 'banning' crypto is generally just an indication that they want it regulated, they are scare stories that cause prices to plummet. I think that regulation is inevitable and a lot of countries will follow South Korea's lead. What will happen with privacy coins and how this might work on a global level is anyone's guess.

Malaya

full member

Activity: 322

Merit: 102

Well that could be a good sign that crytocurrency is being adopted by people around the world. Since South Korea is a first world country like Japan, this could be a future for many like us who believe in crypto world. As South Korea is back in the game now, I'm sure there will be more countries who'll follow.

10000BTC

full member

Activity: 238

Merit: 102

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.

Topic: SOUTH KOREA BACK IN THE GAME? 24.2% isn't too bad - page 4. (Read 671 times)