SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax? - page 5.

kingkats0803

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Quote from: cryptohunter on January 22, 2018, 09:15:56 PM

Quote from: kingkats0803 on January 22, 2018, 09:13:09 PM

Isn't that a bit too much of tax?
and how would they regulate taxation protocol when holders of crypto transact anonymously?

But yes it is better than totally banning it! However, doing so would have a domino effect on other countries.. and people are used to no regulations with cryptos

but isnt expecting zero tax on any profits unrealistic long term?

also i just read this is on exchange owners only not individuals i guess they will pay as regular income tax or capital gains tax

https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy

Can't argue with you on that, that is just and fair to impose tax on profits gained.
Also it will be a good news if we look at it on the positive side, it would mean that market for crypto will be used widely as it already have.

Blackhammer321

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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.

mrwhipped

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24% seems a bit steep but in a good way its not being stopped , they know how much money they can get out of the crypto currency markets and rather ban it let it carry on with a hefty tax %

r1a2y3m4

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Match365> be a part of 150BTC inviting bonus

Seems fair enough. but this move says that the korean government are only concerned about the money that people are making out of bitcoin. They are not thinking about the technology behind bitcoin. This is also good instead of a total ban. I think they should lower it a little more.

cryptohunter

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Quote from: nianshaoqingkuang on January 22, 2018, 09:20:15 PM

Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

any truth to this?

seems okay or at least better than a ban?

As far as I know, many South Korean bitcoin holders have held a parade to protest against the government's ban on the bitcoin exchange, which can be regarded as a government concession.

I think it is reasonable and way better than a ban.

I would accept 24 percent tax on profits rather than a ban for sure.

Hopefully china next to follow then we're back off on track again.

nianshaoqingkuang

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Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

any truth to this?

seems okay or at least better than a ban?

As far as I know, many South Korean bitcoin holders have held a parade to protest against the government's ban on the bitcoin exchange, which can be regarded as a government concession.

Futurm

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As far as I know, it seems that taxation is only a tax on exchanges, which is the fee they earn.
But there is no news that a tax on individuals, even if it is levied on individuals, is good news too, suggesting that the Cryptocurrency market has been legalised in South Korea.

cryptohunter

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Quote from: kingkats0803 on January 22, 2018, 09:13:09 PM

Isn't that a bit too much of tax?
and how would they regulate taxation protocol when holders of crypto transact anonymously?

But yes it is better than totally banning it! However, doing so would have a domino effect on other countries.. and people are used to no regulations with cryptos

but isnt expecting zero tax on any profits unrealistic long term?

also i just read this is on exchange owners only not individuals i guess they will pay as regular income tax or capital gains tax

https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy

kingkats0803

newbie

Activity: 112

Merit: 0

Isn't that a bit too much of tax?
and how would they regulate taxation protocol when holders of crypto transact anonymously?

But yes it is better than totally banning it! However, doing so would have a domino effect on other countries.. and people are used to no regulations with cryptos

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

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

Topic: SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax? - page 5. (Read 690 times)