South Korea discuss the possibility to give crypto a legal status - page 4.

TimeTeller

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Quote from: Wysi on November 01, 2019, 03:07:20 PM

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

Just a mere online petition is not going to make any difference and please help me understand if everyone adopts crypto and uses it to pay their bill, service providers and business then government is losing out on tax as it's as simple as tax evasion just because you are using crypto as a mode of payment. I think it's our duty to pay tax if we are earning through crypto as well and fall on the slab of taxable income.

The OP should be grateful and enjoy the situation as long as the SK government has not implemented their regulations yet.
We are already heading to the scenario of having crypto as legal tender and actually been on the works in several countries already.
So no matter what, we will be heading to this situation. It is only a matter of time when those governments will finally give the regulations on how to deal with cryptocurrencies.
And giving crypto as a legal status has some benefits to crypto users. But of course, one consequence is paying tax out of it.

vintages

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The truth is the petition won't do much.
I am not trying to be a deal breaker or bad news breaker nor refusing to see the better side of it. But most governments bearly care about petitions signed by the citizens online. When they have set their mind to to influence certain decisions, they do it. And this also apply to the case of digital currency.

kooboat

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Should crypto become a legal tender in any country like South Korea then it is most likely that there is also the possibility that it would come with some regulations or legislations which includes a tax component. Signing an online petition would only help bring some sort of sensitization but the final decision lies with the government.

BlackFor3st

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

Sometimes acceptance will bring also different disadvantages and one of it is the tax that will definitely favor the government while lowering the income of the traders as the fees of the exchange will surely increase.

Legality is good so we don't need to hide from the governments but our freedom will be ruined as the government will surely create new laws that will help them to monitor all the crypto users in the country and tax all of them in every transaction that they will make. I am not that sure whether filing a petition will help the traders in Korea as it is very difficult to fight a government if you have no solid partners to push through the petition.

kryptqnick

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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.

I don't know, in my country, although democracy here is far from perfect, there are official petitions to the president as well as to the parliament, and if they reach a certain amount of people who sign them over a certain period of time, they are officially considered by the authorities and an official response gets published. They can be pretty effective. Anyway, making cryptos legal sounds like a good thing, this will mean protection and safety for people who're doing business with it. But as for taxation, I think the most logical with is to apply a progressive income tax to cryptos, just like to other forms of income. I hope that if cryptos become regulated in South Korea, that'll be the choice of the authorities. But we gotta understand that the govs cannot pretend like people are not using cryptos forever, they have to regulate them in some way. So it's better to push for favorable regulations rather than for no regulations at all, I think.

hello_good_sir

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I don't think the people that weren't taxed when they used, got paid or invested in crypto are really expecting the government to let this slide constantly.

It won't increase trading volumes or anything, but it still is a payment method and if they really want to use blockchain technology and build a crypto-country, legalising and recognising certain crypto currencies are actual payment methods and should be taxed is a tough pill to swallow, but one that needs to be done.

hatshepsut93

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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.

TRONTON

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

Don't just focus on the "tax" section, there are other big points when I read the news.

http://www.thebchain.co.kr/news/articleView.html?idxno=5981

The tax mentioned is a post-activation policy if the industrial revolution committee that encourages the enlargement of the blockchain industry is accepted by the president.

The point is that if the government activates the institutionalization of crypto assets, then that will be the entry point for licensing large-scale crypto business, and is included in 2 points of innovation: social and industrial

the committee also urged that a preventive policy be made immediately so that business is adopted by government control. I think this is good because it will really get legal accommodation, both small / giant / startup companies.

they emphasize 2 points of continuous innovation: regulation and administration to accommodate accountability, and from this the tax part will be intended.

so this is precisely the green light mode for the crypto industrial revolution in South Korea, and also the foundation of certainty that businesses that will emerge will be overseen by regulations.

Wysi

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

Just a mere online petition is not going to make any difference and please help me understand if everyone adopts crypto and uses it to pay their bill, service providers and business then government is losing out on tax as it's as simple as tax evasion just because you are using crypto as a mode of payment. I think it's our duty to pay tax if we are earning through crypto as well and fall on the slab of taxable income.

drumamat

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The fact is that such petitions will lead to nothing, since the decision on taxation of cryptocurrencies is made by the government.I don't think they can change their minds because of some petition.

fiulpro

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I think in whatever countries the bitcoins is not banned or illegal then it is actually legal or whatsoever , giving bitcoin's legal status would actually be really good for the investment parts because people who thinks very conservatively , who needs to be secure about their money and all , would for sure start investing .
It is actually a good thing and many countries will think of it as an example and might be good .
But legal things can be really negative too , now government can internally toy with it , they way they want to.

jets567

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Quote from: audaciousbeing on November 01, 2019, 10:38:19 AM

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.

The point is it won't. If a petition is going to be acted upon, there are always some certain conditions that would be met. One of those conditions is the population of those who signed the petition. You don't put a petition on a global forum for it to be signed when majority of the people who are the audience don't even have any connection to Korea. You don't raise a petition for the people in Washington to be take serious by government when it is signed by those living in New York. So, if there is any chance that this might would make any difference, then it needs to be signed by the citizens of Korea and have serious discussions and dialogue with government representatives.

If that's the case then OP should start persuading Korean citizen through their local board (https://bitcointalk.org/index.php?board=82.0) but I guess OP was also trying to get some insights from other forum members which is why he/she open a topic on Bitcoin discussion because maybe OP thinks that most of the trusted member is lurking on this section.

I don't agree with taxation but if its the only way for Bitcoin to be fully adopted so be it.

Artemis3

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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....!

So if they tax crypto, how will they do it? At the exchange? What if you use an exchange from another country?

Or they expect everyone to be nice and declare their assets willingly?

My country gov also licensed some exchanges and even set up one themselves, but no one uses it. In theory, nobody should be "sending" money from abroad without paying some tax, and they do tax the likes of Western Union.

Since the beginning i always found the idea of taxing Bitcoin nearly impossible. Even if you willingly surrender your data, you can always keep "hidden" wallets undeclared. The money doesn't really ever cross borders, while its all over the globe at the same time, so the idea of taxing based movement across borders is... silly.

But maybe they plan to give some consumer protection from rogue exchanges. As long as the use of local exchanges is voluntary it shouldn't be too bad. They would also be able to tax those exchanges directly and their clients, perhaps take a cut from the exchange fees.

And it would be a laughable joke to legalize mining in the country with the most expensive electricity in the world. Hello from the country with the cheapest electricity! We don't have many large miners either, its too risky, unless you somehow have ties with those in power...

MURONDI

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gradually other countries will follow the bitcoin trend, and the government will use this as state income by giving tax to crypto holders, there is nothing we can do but keep up with the times, online petitions will not be effective in stopping all that.

teosanru

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

Actually if you make a petition online about bringing down taxation all in all then almost all citizens of korea will sign it but the truth is such a thing would never get accepted. Governments know that taxes are important and people have to pay taxes one way or the other. Moreover bringing Cryptocurrencies into tax domain isn't going to spark much of a revolt because most people aren't even into crypto. Therefore, these things really won't work.

mindrust

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

Lately I keep hearing that the govs starting to regulate bitcoin and it won't be good for btc. I guess this is one of those steps. As I understood from your expressions, you also don't like this decision of the South Korean Government. Holders probably won't be affected much but it is not a good feeling to get taxed. I can't tell the exact reason but isn't being regulated a good thing for crypto? I mean It means that the govs acknowledge crypto... It is better than banning them...

They have 2 options:

1-Ban crypto
2-Regulate crypto

Which is the worse choice?

Xxmodded

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

South Korea heard about news China want to legal using bitcoin as transaction payment and make they want to adopt bitcoin too, bring positive price for bitcoin if South Korea want to adopt bitcoin because they are very developed countries in the world and Asia become most friendly for investing with bitcoin and altcoin, by adopting bitcoin in South Korea very easy if travelling there only using bitcoin.

YuginKadoya

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I think South Korea is starting to legalize Bitcoin because they are accepting it and I guess that is not a negative thing even though you are in the negativity of things from a positive standpoint of most people that another country like japan is surely giving acceptance to cryptocurrency mostly Bitcoin, I guess there is no stopping this if the government of South Korea takes action regarding this even if you have signed a petition regarding the subject I guess you just need to embrace a little change that you will encounter regarding this and besides I think a little tax will surely not hurt you a lot.

joinfree

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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....! Source: http://www.thebchain.co.kr/news/articleView.html?idxno=5981

so sorry about that mate, but it's the government and it has some level of authority to implement come rules if they see the need. Not that i am in support of it but i think it would be very effortless trying to write petitions about this. Moreover, most governments have never been a fan of cryptocurrencies and the whole blockchain technology at the go. The power that it takes from them is enough to let them shut it down. If i were you i would find other alternatives to run my business successfully than trying to fight back in situations like these.

dothebeats

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Create your own lobbying group as I believe that no governments would ever take online petitions seriously, moreso that it might contain votes and sentiments from outside their jurisdiction. This is bound to happen on most countries as crypto continues to be accepted, recognized and traded on the regular. The best you guys can do is to petition a fair and just taxation laws and accept it. Nothing has been finalized yet. You still have the luxury of time to get working group and express your side to the SoKor government.

Topic: South Korea discuss the possibility to give crypto a legal status - page 4. (Read 431 times)