South Korea discuss the possibility to give crypto a legal status - page 3.

Kyraishi

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Quote from: airdnasxela on November 02, 2019, 12:14:16 AM

I've seen a lot of online petition and I bet it won't work unless citizens won't make efforts to stop it. Do you think that online petition is already enough? No. Even if we all sign that petition but it still lacks pursuing from the citizens of Korea, the government won't notice and make an action for it.

Polls usually never have any effect on governments or companies, name one petition that was able to change the outcome of a situation people didn't like. Doesn't exist.

Quote from: abel1337 on November 02, 2019, 11:57:36 AM

Quote from: ?? on ??

This will be the great decision for mass adoption

It's one of the advantages when the Korean government recognizes them as one of their accepted currencies in their country, It also a major drawback like the OP said it will come to the point that the user on their country will be taxed. But remember even you are taxed, I'm sure it will bring more advantages like being used it on the different merchant in the streets, I don't know how much the Korean government will be taxed every transaction on bitcoin in their country but it will be small for sure Grin

There are other countries that are being taxed on their own country but they aren't complaining about it cause it's not too big to complain about and It's better than to be illegal.

I don't see any bad things that are coming from this case. It isn't meant for customers to not be paying tax on crypto earnings and it definitely isn't fair for the rest of the country and world, this means mass adoption at the costs of an unfair advantage.

xiboothrezi

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I appreciate the policy of the South Korean government towards cryptocurrency. They accept this openly, taking into account the important points to reduce the adverse effects of misuse of cryptocurrency that has been feared.

As one of the countries with the most traders, South Korea has taken a strategic step by carrying out South Korea's financial regulator's plan to directly manage cryptocurrency exchanges. Please read the full news here.

abel1337

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Quote from: ?? on ??

This will be the great decision for mass adoption

It's one of the advantages when the Korean government recognizes them as one of their accepted currencies in their country, It also a major drawback like the OP said it will come to the point that the user on their country will be taxed. But remember even you are taxed, I'm sure it will bring more advantages like being used it on the different merchant in the streets, I don't know how much the Korean government will be taxed every transaction on bitcoin in their country but it will be small for sure Grin

There are other countries that are being taxed on their own country but they aren't complaining about it cause it's not too big to complain about and It's better than to be illegal.

Leyss

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It seems that the period when the cryptocurrency was not regulated and taxes were not paid on income from it, is passing. Now all states are considering the possibility of establishing taxes on profits in cryptocurrency and this is quite natural and logical. Any state has the right to establish taxes on any type of activity of citizens that brings them income. If the government in South Korea does this, citizens will be required to pay such a tax. Otherwise, the government will be forced to take retaliatory measures, including by restricting or even prohibiting the circulation of cryptocurrency.

target

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I also do not want to be taxed from crypto and I sure hope my government will not take action as for now but if they will eventually do it, I will comply.

Your government had been planing it since last year, there were plenty of time for you to prepare for it and probably save some money to pay for your tax when invoice come. If you earn from it, then its fair to give back. I don't think a petition will help for not paying tax is like cheating the government.

CryptoBry

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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....!

Is there really no tax imposed on cryptocurrency in South Korea? Please don't curse your government if the concern is its plan to tax cryptocurrency transactions and gains from trading. Other big and small countries are taxing their people when they are into cryptocurrency as the government has the responsibility to raise revenues for all of its operations and programs. One the government will be implementing a tax system, taxpayer can demand more from the government and you all can criticize it of any corruption or wrongdoing. This is a shared responsibility by all people and not one should feel privileged nor exempted from getting away in paying tax. Remember always: Tax and Death are the only very certain in this world we live in.

airdnasxela

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I've seen a lot of online petition and I bet it won't work unless citizens won't make efforts to stop it. Do you think that online petition is already enough? No. Even if we all sign that petition but it still lacks pursuing from the citizens of Korea, government won't notice and make an action for it.

Why are you so afraid of tax? Everyone is responsible for paying tax. It's for the people also... Look at the brighter side if they officially legalize crypto, it can help for awareness and protection.

bryant.coleman

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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.

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.

Mumbeeptind1963

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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.

This surprised me that crypto isn't taxed there. Does that mean you can earn bitcoin and not have to pay taxes on it? Crazy if that's the case, because I think such a situation has always been taxable in most countries ever since bitcoin was created. If you acquire crypto without actually buying it, that's the *definition* of income, and if it gains in value before you end up selling it, that's the definition of capital gains. So if s. korea isn't currently taxing crypto income or gains, they're just behind the times in my opinion.

If it happens I think there will be a good and bad advantages of it.

Good advantage:
More and more people will be aware to cryptocurrency , many traders in stock market will pay attention to crypto, they will invest and put their assets to it. Many banks will be open for crypto and they will put partnership to some coins and even exchanges. Other countries will follow what South Korea do, it could be a sign for them to legalize it too.

Down side:
Taxes and cryptocurrency regulation will be made. Transactions are now can be trace too.

millennium00

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It is a very sensitive issue because investments in cryptocurrencies can yield significant profits and governments want to pay taxes for it, in addition more control is desired for the possibility of money laundering, in the case of South Korea the good thing is that the market is quite developed, however, in other countries there are still many doubts and a clear legal framework can be favorable, however, the spirit of cryptocurrencies in terms of independence must be preserved.

Murat

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We know that every country's government need money for its maintaining all over the territory, obviously, this money comes from tax and another income, so no government will give up the tax opportunity because it's the main source for them, that's why South Korea also depends on tax to run a country, In this sense, either the cryptocurrency will get in a regulation or become ban, if the government will focus on this cryptocurrency then regulation is the main tool, now you have to decide which is favorable to you, either giving tax or getting ban, I think legal status also brings some barrier towards this platform.

Eugenar

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Quote from: matchi2011 on November 01, 2019, 09:56:03 PM

Quote from: Kyraishi on November 01, 2019, 08:11:48 PM

I'm surprised they where not taking taxes before? All the other big countries like Singapore and the US all tax from crypto earnings.

Does this mean it you get paid in crypto and convert it into your local fiat currency your basically allowed to keep it like that, without taxes? That doesn't sound very fair to be honest and this seems like a good move

That's also the same question in my mind right now, from where I am. the government already implementing taxes to the exchange so each time we converted our crypto to fiat it will automatically being taxed. It will will be a good indication if you will look for long term as your government is now working with crypto and seeing the possibilities to impose taxes that will be useful to your country.

Not that bad either, if we will let government to tax cryptocurrency, it is much better that they create their own cryptocurrency with tax, because if they will incorporate taxes to cryptocurrencies such as bitcoin, it is not fair. Most of the time, we need these taxes, but they will take the soul of cryptocurrency such as bitcoin if they will force people to pay taxes while using it. Regarding to the topic, we all know Korea is being one of the most active adopting country to cryptocurrency. They have also good governing system, if in any case they implement such acts like this, let's observe and see how it will behave. Not all tax associated activities will bring negativity to the community.

matchi2011

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Quote from: Kyraishi on November 01, 2019, 08:11:48 PM

I'm surprised they where not taking taxes before? All the other big countries like Singapore and the US all tax from crypto earnings.

Does this mean it you get paid in crypto and convert it into your local fiat currency your basically allowed to keep it like that, without taxes? That doesn't sound very fair to be honest and this seems like a good move

That's also the same question in my mind right now, from where I am. the government already implementing taxes to the exchange so each time we converted our crypto to fiat it will automatically being taxed. It will will be a good indication if you will look for long term as your government is now working with crypto and seeing the possibilities to impose taxes that will be useful to your country.

boltz

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I wouldn't be surprise at all during the fact of how fast is the pace in Asia when it comes to cryptocurrencies adoption and regulation. South Korea in the last years are climbing the mount if economical status with some crazy skills and we're taking about infrastructure, movies , jobs , cryptocurrencies, import-export so no wonder why they're about to make an official statement about Cryptocurrencies as they know for sure this will boost economy even further.

Kyraishi

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I'm surprised they where not taking taxes before? All the other big countries like Singapore and the US all tax from crypto earnings.

Does this mean it you get paid in crypto and convert it into your local fiat currency your basically allowed to keep it like that, without taxes? That doesn't sound very fair to be honest and this seems like a good move

hatshepsut93

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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.

blckhawk

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As far as I know, most of the countries that has cryptocurrency activity does not impose tax because regulating a crowded, mostly decentralized altcoins and bitcoin is quite difficult. They may rely on taxing the exchanges themselves, which in turn would impose tax and higher fees to the users of such exchanges. While this may be bad, if paying tax would make these exchanges adhere to national standards in terms of security, insurance and such, and would be held liable for weakness in their platform (e.g. thefts), then maybe having tax for security isn't bad at all.

pixie85

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Quote from: hatshepsut93 on November 01, 2019, 04:26:22 PM

No government can simply pass by some economic activity and do nothing - they either ban it or regulate it and make people pay taxes. You can try arguing for lower taxes or more relaxed regulations, but there's no way you can convince government to leave crypto away. If you're so worried about taxes, try finding some legal loopholes - maybe you won't have to pay taxes if you use crypto as currency, so you can hodl and spend it instead of selling on exchanges.

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.

Shasha80

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I really understand the situation of South Korean citizens towards the government, but making a petition won't have any effect
towards the South Korean government's decision. Moreover, the petition via online, actually with a situation like this must be
thankful by the citizens of South Korea because the government does not prohibit cryptocurrency. Even though later it will be taxed.
Compared to many other disadvantaged countries, the government still prohibits its citizens from dealing with cryptocurrency issues.

diahsw

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I don't think Korea is like that, there are some countries that have even more stringent regulations for crypto currencies, so I think only we can arrange for everything to run smoothly, because changing the government is not as easy as just making a petition.

Topic: South Korea discuss the possibility to give crypto a legal status - page 3. (Read 431 times)