South Korea discuss the possibility to give crypto a legal status - page 2.

bounceback

sr. member

Activity: 2086

Merit: 283

Vave.com - Crypto Casino

Quote from: s92225 on November 01, 2019, 07:49:32 AM

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.

Genemind

sr. member

Activity: 1596

Merit: 335

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.

alrose

full member

Activity: 720

Merit: 103

Quote from: s92225 on November 01, 2019, 07:49:32 AM

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.

cotton ball

sr. member

Activity: 1288

Merit: 253

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?

inthelongrun

hero member

Activity: 1862

Merit: 601

The Martian Child

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.

bitcoinposts

member

Activity: 448

Merit: 10

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

hello_good_sir

hero member

Activity: 1008

Merit: 531

Quote from: 7788bitcoin on November 03, 2019, 03:13:01 AM

Quote from: bryant.coleman on November 02, 2019, 12:08:36 AM

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.

Quote from: bryant.coleman on November 02, 2019, 12:08:36 AM

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.

carlisle1

hero member

Activity: 2744

Merit: 541

Campaign Management?"Hhampuz" is the Man

Quote from: Fappanu on November 03, 2019, 03:30:49 AM

I don't see anything bad here as it is for the good of the Korean nation as well. Maybe big time traders are affected by this because they have to pay taxes to the government, which is really hurting them because they hold big amount of crypto.

but that's the sign of legalization ,and this means one thing that Korean Government is really serious in adopting cryptocurrency and next step to the future.i hope each countries will do the same action and support the growing numbers of cypto enthusiast.maybe there are some factor to consider since traders will be te most affected people here but if they will be treated fair i am sure understanding will come and the decision will be finalize in favor of two parties the Government and the crypto community

Fappanu

sr. member

Activity: 1111

Merit: 255

I don't see anything bad here as it is for the good of the Korean nation as well. Maybe big time traders are affected by this because they have to pay taxes to the government, which is really hurting them because they hold big amount of crypto.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: bryant.coleman on November 02, 2019, 12:08:36 AM

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.

Quote from: bryant.coleman on November 02, 2019, 12:08:36 AM

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.

gaston castano

sr. member

Activity: 1526

Merit: 251

Seeing Korean people 's enthusiasm for crypto I think this is a great opportunity for the government to impose taxes, where they get more benefits just by imposing unilateral regulations. like the above review will not increase trade volume but the government only sees this as a good opportunity and opportunity without thinking about impact.

Asmonist

sr. member

Activity: 756

Merit: 251

It would be great news for koreans. Every crypto countries are somehow wishing for it to cut the notion about bitcoin being scam, etc. It would help to increase more the confidence to invest and trade cryptocurrencies. If South Korea can give crypto a legal status then why not with other countries, right? Eventually it will soon spread in other government leaders and futuristic politicians.

FaithInCrypto

jr. member

Activity: 168

Merit: 2

mada mada dane

Quote from: Pearls Before Swine on November 01, 2019, 10:23:03 AM

I seriously doubt an online petition is going to change the minds of the politicians in south korea...about anything.

I agree. I actually don't think any government pays attention to an online petition, I haven't encountered one yet.

I am actually torn if we want crypto to be legalized or what? Crypto people always shout out to legalize the use of crypto but then now we're shouting not to make it legal? I am confused.

secretgirl

sr. member

Activity: 798

Merit: 250

BabelFish - FISH Token Sale at Sovryn

I think the imposition of taxes on cryptocurrency is not a big problem. it is our duty as citizens to pay taxes. and this tax is used to build the country so if we can afford to pay I think it doesn't matter. the south korean government is aware of the great potential possessed by bitcoin and cryptocurrency. so they made this rule.

Ailmand

hero member

Activity: 1274

Merit: 519

Coindragon.com 30% Cash Back

I think this comes along with crypto mass adaptation. Once crypto is recognized by the government there is a high chance that it will be treated as an asset and it will be taxed. Korea has a high potential in regards to crypto since they are one of the country in Asia that is prominent in regards to technology.

dimonstration

hero member

Activity: 2716

Merit: 698

Dimon69

Quote from: nreal on November 02, 2019, 08:24:45 PM

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.

Taxes will only happen buying, selling of, investing in, or using bitcoins to pay for goods or services, it cannot be taxed as long as you don't use it or better just hold it or spend little by little to avoid taxes. Taxed is needed to stop government banning crypto since it's only the cons they see of why not implementing it yet.

nreal

full member

Activity: 932

Merit: 100

arcs-chain.com

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.

th3nolo

hero member

Activity: 1232

Merit: 669

Quote from: s92225 on November 01, 2019, 07:49:32 AM

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 you don't want to pay taxes on capital gains you can go to Portugal, I have understood they make things easy for investors to obtain nationality.

check:
https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
https://news.bitcoin.com/why-portugals-tax-free-crypto-trading-matters-for-bitcoin/

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: pixie85 on November 02, 2019, 05:57:44 PM

Does this mean you think that things like capital gains tax that people in the US have to pay for holding Bitcoin is used to fund public stuff?

And how about war games and nuclear weapons research that is funded with your taxes? Is that fair?
Banks do not produce money!

I'm not going to argue whether taxation as a whole is right or wrong, this is something that people should decide for themselves, and then understand the consequences of their decisions. What I'm saying is that logically there shouldn't be much difference between fiat and crypto taxation and same principles can apply to both.

Quote from: pixie85 on November 02, 2019, 05:57:44 PM

The same taxes should not apply to crypto because crypto has no production and maintenance cost unlike fiat that you have to print, mint, and distribute.

The cost of running fiat currency is just a tiny fraction of government's budget. No one will bother factoring it into taxes, especially since fiat becomes more and more digitized.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: hatshepsut93 on November 01, 2019, 08:04:51 PM

Quote from: pixie85 on November 01, 2019, 07:41:23 PM

But don't you think this is a little bit unfair? They are producing fiat money and making sure it's hard to counterfeit and relatively stable so they make you pay taxes for transactions in fiat.

They don't make crypto and they don't help to make it secure. They also have nothing to do with how transactions in crypto are made but they still want a share of every transaction.

I'm ok with paying taxes when I convert to fiat. I'm not ok with paying taxes like people in the USA for holding or trading for other cryptocurrencies.

I'm curious how tax laws in Korea are going to be.

What do you mean by "taxes for transactions in fiat"? There are fees that are charged by banks for their services, governments don't have anything to do with it. If you talk about something like VAT, than it's a different story, but regardless whether it's fair or not, those taxes aren't just payments for using currency, they are used to fund all public stuff. So, if a country allows crypto as payment method, it would make sense that the same taxes would be applied to it.

Does this mean you think that things like capital gains tax that people in the US have to pay for holding Bitcoin is used to fund public stuff?

And how about war games and nuclear weapons research that is funded with your taxes? Is that fair?
Banks do not produce money! The government does and in my eyes it's fair they want taxes if we use their legal tender.If we don't it's a different story. The same taxes should not apply to crypto because crypto has no production and maintenance cost unlike fiat that you have to print, mint, and distribute.

Topic: South Korea discuss the possibility to give crypto a legal status - page 2. (Read 431 times)