I think this is good news, because then the investors in south korea can reinvest their money with bitcoin
But now the South Korean government itself, issuing taxpayers to every bitcoin user
But not with existing investment licenses, it can also increase state revenues, with the taxes required from bitcoin.
but I think a 24.2% tax will weigh on investors
This is good news, so is bad news
Topic: SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax? (Read 690 times)
January 25, 2018, 10:32:39 PM
This report hasn't been officially confirmed yet. If the South Korean government applies this new taxation rates to cryptocurrency exchanges then they would have to pay 24.2 percent of corporate and local income taxes, don't see why this new tax policy would have any significant impact on individual traders.
http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html
https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
So essentially this doesn’t affect individual traders and is more for people who might own an exchange or run a crypto based business Quote
Under current laws, all corporations with income of over 20 billion won (US$18.7 million) are required to pay 22 percent and 2.2 percent of corporate and local income taxes on their income.
Bithumb, one of South Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.
Bithumb reported 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months last year.
Bithumb, one of South Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.
Bithumb reported 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months last year.
http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html
https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
January 25, 2018, 06:20:57 AM
and how would they regulate taxation protocol when holders of crypto transact anonymously?
South Korea might have implemented something similar to US IRS in 2014. They taxed not only cashing, but also trading cryptocurrency to cryptocurrency and purchasing goods and even some of the wallet-to-wallet transfers may be taxed. Certainly, one can avoid paying taxes at his own risk and peril, because it's illegal. The thing is, cryptocurrency transactions are not that anonymous and can be tracked if needed. Take a read on this interesting article https://www.buybitcoinworldwide.com/anonymity/
January 25, 2018, 05:29:48 AM
South Korean not banning bitcoin is good news, bad news is that the tax is too high. Considering the 24.2% tax plus the transaction fee, it may discourage South Koreans to invest in bitcoin.
January 25, 2018, 05:27:33 AM
I think its not fair! what they are doing now is forcing the people to that so, and if thr people dont want it thry will hold their crypto unless they will give taxes ? about 20%? its bigger than what the government appealing taxes on employees, but i guess korean will deal with it since their coins are on hold by the government.
Seems fair to me. Better than banning the cryptocurrency totally. Besides, the government will never approve anything without them getting benefits right? It's the government for God's sake. Of course they want something in return to give it full permit of operation. It is unrealistic if it will be taxless. Rules make the world circulating.
January 25, 2018, 05:09:01 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I do think it's good news. It is better than banning it, and by imposing tax on profits made on cryptocurrency - the country is accepting cryptocurrency. But 24 per cent tax, is far too high. seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
The UK and EU are also looking to regulate Bitcoin and other cryptocurrencies to fight anti-money laundering and tax evasion. I believe that we will see that in the next month or two. And I expect to see more of the same in many other countries. https://www.theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity
Of course it is good news bro and if every government in the world would regulate bitcoin or other crypto currencies the price of this digital assets will somehow be more stable. I know there are still ups and downs even if it's regulate but it's a one step closer to the world acceptance of this digital currencies just what I have said before in this thread. And thanks for the link I'll read it later after finishing some tasks.
January 25, 2018, 04:52:27 AM
Sounds good news whe the south korea announcement that the korean is will not banned bitcoin and cryptocoin, it will be good news for the all off bitcoiner in the world and excatly for the bitcoiner from korea. Just few day bitcoin price will be up and pump again, nothing stop the bitcoin price and the korea have annoucement that bitcoin will be allow for transaction in south korea. Just waiting for good news in another country.
the South Korean government will take reprisals against anonymous trading bills and penalize market manipulations, money laundering and fraud. But the government will also support and even fund the development of blockchain technology. January 25, 2018, 04:37:22 AM
Well, it's both good and bad since the tax doesn't take into account the transaction fees needed to transfer coins in a timely manner... It will be painful for those making payments...
January 25, 2018, 04:35:51 AM
Sounds good news whe the south korea announcement that the korean is will not banned bitcoin and cryptocoin, it will be good news for the all off bitcoiner in the world and excatly for the bitcoiner from korea. Just few day bitcoin price will be up and pump again, nothing stop the bitcoin price and the korea have annoucement that bitcoin will be allow for transaction in south korea. Just waiting for good news in another country.
January 25, 2018, 04:28:44 AM
It is certainly well that is not banned entirely, but I sincerely do not understand how they are going to track it. It is too costly in time and resources.
The percentage is too high. 2-3 years pass and people will stop doing in the crypt so many x's. And because of the high taxes it will be available only to larger players.
The stronger going to control the crypt the stronger the opposition from the community. Leave many cryptocurrency providing anonymity of payments. Now this is a very big trend.
The percentage is too high. 2-3 years pass and people will stop doing in the crypt so many x's. And because of the high taxes it will be available only to larger players.
The stronger going to control the crypt the stronger the opposition from the community. Leave many cryptocurrency providing anonymity of payments. Now this is a very big trend.
January 25, 2018, 04:21:13 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I do think it's good news. It is better than banning it, and by imposing tax on profits made on cryptocurrency - the country is accepting cryptocurrency. But 24 per cent tax, is far too high. seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
The UK and EU are also looking to regulate Bitcoin and other cryptocurrencies to fight anti-money laundering and tax evasion. I believe that we will see that in the next month or two. And I expect to see more of the same in many other countries. https://www.theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity
January 24, 2018, 11:25:15 PM
This move will kinda kill all the arbitrage opportunities though where people outside korea would buy from other exchanges and sell in korea
January 24, 2018, 11:00:41 PM
I think that this is really some good news.
A tax paying company should be welcome in every country of the world. A company that pays takes shows it is taking social responsibility serious and is not running away (like many of the really big corporations do).
And 24 percent is somewhere in the middle from what I know. There are countries with higher taxes and ones with lower taxes.
Depends though is it a flat 24% tax and be done with it kinda deal or are there other terms and conditions involved in the whole thing A tax paying company should be welcome in every country of the world. A company that pays takes shows it is taking social responsibility serious and is not running away (like many of the really big corporations do).
And 24 percent is somewhere in the middle from what I know. There are countries with higher taxes and ones with lower taxes.
January 24, 2018, 06:58:43 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I think it is too big tax to be real in fact - people will organize new petition for this tax. Probably this problem will be resolved and tax will be decreased
Its way too big, its like robbing the users, but somehow I agree that putting a tax is better than banning it, at least the wealthy people will still invest in bitcoin and that could impact the price, and new petition is not always going to work, I doubt the government will response to any petition regarding to bitcoin
January 24, 2018, 06:57:44 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
Yes, that is true and i like it that way.
the government made a smart move.
this is because if he had decided to ban it, people will still hide behind VPN to invest in cryptos and he will get nothing.
so its better to regulate it to get your share from it.
January 24, 2018, 06:53:20 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I think it is too big tax to be real in fact - people will organize new petition for this tax. Probably this problem will be resolved and tax will be decreased
January 24, 2018, 06:46:08 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
Bitcoin was designed for trading btc for items, it was designed as an alternative to fiat but now the majority of it's users do not even know how to use crypto currencies. In my opinion every country should take a solid 80% tax. That way all the fiat assholes would drive away from bitcoin, the price would go back to maybe 120$ and it would again become the beloved crypto currency it once was.seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
January 24, 2018, 05:56:23 AM
If you would have read news a little bit more clear, it is written that they want to take taxes from country’s cryptocurrency exchanges. So if you trade somewhere else you do not need to worry about it 
January 24, 2018, 05:48:01 AM
hmmm it all comes down to governments getting there protection money (oops i mean taxes ) at the end of the day
There is no ban!
just wait tommorow 25-01 , you wil see there wil come a hard rise with 10% krw .
I am sure tommorow 25-01 is a big day, and recovery in btc.
BE there!
January 24, 2018, 05:45:50 AM
hmmm it all comes down to governments getting there protection money (oops i mean taxes ) at the end of the day
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