Topic: 🤔 South Korea introduces new tax on cryptocurrency exchanges - page 5. (Read 716 times)
I think taxationis really neccessary dor Bitcoin to be considered legal in any country, all investment and businesses does that after all, I think this is a positive outcome for both party especially bitcoin, we can now expect a good relationship between the government resulting in positive price outcome for Bitcoin. Finally we can move on with government scrutiny.
24.2% - it is almost a quarter of potential profit. I`m waiting for era of decentralized exchanges. Nobody is needed in centralized exchanges with government control.
These are all manipulations from the East so they want to put the BTZ price down and buy it more than to market the market and create such news.
the introduction and legislative regulation says only one thing that the state not only wants to make money of you , but also sees prospects in the crypto world
That means if they do not have any interest to ban crypto but just try to take a prospect about the future of crypto. If crypto becomes big and then, They can make a lot of advantage from there. But as far as i know, they are still never giving any clarification about that. That seems a bit interesting to me. So, I can't decide if that was true.
I guess,that the situation with taxes in the South Korea is better than just banning Cryptocurrency
I'm agree. I think that this is the good news. This means that States are aware of the need to transition to the blockchain economy. Gradually, many countries will understand this and cryptocurrencies will begin to grow strongly again.
the introduction and legislative regulation says only one thing that the state not only wants to make money of you , but also sees prospects in the crypto world
24% tax is very large especially if you do not earn much money in crypto currency. So it should be fair to every person. I'm sure that many countries will do what South Korea did. And hopefully here in our country it will happen so that we will be able to withdraw our money without fear of being caught by the police
They will come around. Big projects like IoT Chain (ITC) are expanding into Korea. They partnered with a huge crypto firm Hashed to make it happen. Very underrated coin to be watching. https://coinmarketcap.com/currencies/iot-chain/
South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.
To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.
Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.
This year is anticipated to be a rough, yet successful year to wise investors in this market.
RothscoinTeam.
Imposing that 24 percent on every trading transaction would kill the trading for many. Unless you're a whale who doesn't need to care.
I think 24 percent is for corporate tax which is govern by corporation big partnership and i totally agree with this but for local income tax 2.2% is quite good.
If you look at the bigger picture, most of the collected tax is hopefully going back into the economy. Imagine a larger treasury because of crypto trading leading to less taxation elsewhere. Which is good for local investors, not so much for foreign ones.
South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.
To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.
Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.
This year is anticipated to be a rough, yet successful year to wise investors in this market.
RothscoinTeam.
Imposing that 24 percent on every trading transaction would kill the trading for many. Unless you're a whale who doesn't need to care.
I guess,that the situation with taxes in the South Korea is better than just banning Cryptocurrency
South Korea’s government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.
To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.
Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.
This year is anticipated to be a rough, yet successful year to wise investors in this market.
RothscoinTeam.
To those complaining about the 24.2% tax, I say this is a lot better than banning cryptocurrencies. The government finally permitted cryptos in its country and have recognized it, not as a bank threat, but an asset. It could somehow help their economy since we are in the century where digital money is a trend.
it can help and damage their economy, the endeffect remains to see.
Exchange tax (rather than for individual users), for the exchange fees of profits each year is in is too high, so the tax is should, but a tax on individual users, may not be a good decision.
For short term South Korean move cause some problem but it’s really healthy for long term move .If country start accepts tax on crypto exchanges then it will be regularised. So next couple of day I will prepare in mind not to sell grab as much as I can.
This is a sad news to most of the korean citizens but this is a great new for all of us because regulation is better than a total ban.Cryptocurrency isnt intended to be like this but for the greater good we should follow what our government wants,its better to take medicine than to undergo a surgery that is the logic behind it.
You guys still don't GET IT. They can't tax cryptocurrencies because it is legally NOT a currency. It is a commodity.
Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).
The day that crypos are accepted as REAL CURRENCY is the day it will never die.
Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).
The day that crypos are accepted as REAL CURRENCY is the day it will never die.
they can legalise cryptocurrencies actually.... they can develop new taxation models
the question is how the population that provides goods and services for those cryptocurrencies will think.
and weather they will be willing to defend themselves. or otherwise cryptocapitalists might become a huge burden on the economy, if they only drain the economy and dont develop and upkeep value sources.
regards
You guys still don't GET IT. They can't tax cryptocurrencies because it is legally NOT a currency. It is a commodity.
Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).
The day that crypos are accepted as REAL CURRENCY is the day it will never die.
Until they all actually aknowledge and make it an adopted currency they can't tax any of it UNLESS you change it back into Fiat currency or (money that the known world knows).
The day that crypos are accepted as REAL CURRENCY is the day it will never die.
paying this percent as tax is better than banning it entirely, I think is a good decision to the south korea government.
When a government will not eventually ban cryptocurrency, everything will boil down to taxation. Maybe the government has this feeling that since cryptocurrency is something it could not totally control and understand, it might as well use it to gain more revenues from without ever thinking that it is their own people who are really into cryptocurrency. Anyway, we are all hoping that in return for paying the tax levied against every transaction the government will give some leeway and let the market do its own thing (as long as things are done legally and no hocus-pocus). Alas, in life, we could not go away with tax and death -- and cryptocurrency is no exemption.
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