Why wouldn't you pay taxes on cryptocurrencies? My opinion is that as long as we live in a civilized country and use the public system we should pay taxes on income.
If you're paying taxes on the income from capital gains, forex trading, your business profits, etc. Why wouldn't you pay for the crypto income?
Topic: South Korea discuss the possibility to give crypto a legal status - page 5. (Read 431 times)
November 01, 2019, 11:45:01 AM
November 01, 2019, 11:37:40 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
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, I think it's bad news. A lot of countries start discussing crypto taxes. And I try to explain why. There are a lot of entrepreneurs who create and develop different projects. The y have a local team and pay salary for their employees. These people spend this money in own country. But sometimes other countries offer interesting opportunities to develop business without any taxes.
November 01, 2019, 11:30:29 AM
Not much you can do about it I'm afraid. Crypto markets are quite big in Korea, the government knows this and sees it as a great tax opportunity, it's just a matter of time.
On the positive side, if you told 2 years ago me that a country would be legalizing (and thus acknowledging) crypto, I would be extremely excited! I'm glad to see governments finally realizing that crypto is here to stay
even though that may mean it'll be taxed.
On the positive side, if you told 2 years ago me that a country would be legalizing (and thus acknowledging) crypto, I would be extremely excited! I'm glad to see governments finally realizing that crypto is here to stay
even though that may mean it'll be taxed. November 01, 2019, 11:13:53 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
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
Think of it like this: once something is legalised and taxed, it stays that way forever. Especially if there is good tax revenue from it. Tax is the thing that keeps it from being banned.
November 01, 2019, 10:38:19 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.
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.
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.
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.
November 01, 2019, 10:06:51 AM
This had to happen because South Korea has great potential in the crypto market.
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
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
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