20 percent for crypto isn't much though !! turkish government gets 100 percent tax of every car being sold 
)
) Does it mean the price of the car is doubled as the cost?
unfortunately this situation is not a joke. 
Topic: South Korea's New Crypto Tax Policy (Read 343 times)
Does it mean the price of the car is doubled as the cost?
unfortunately this situation is not a joke. 20 percent for crypto isn't much though !! turkish government gets 100 percent tax of every car being sold )
) Does it mean the price of the car is doubled as the cost?
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
Despite all the FUD from Korea lately, it seems like the government is actually taking a fairly positive stance towards crypto now. I think an official tax system for cryptocurrencies legitimizes the industry. Looks like Korea might be going towards what Japan has done in terms of policies regarding crypto, even though in the beginning it looked like they were going in the same direction of China (creating FUD, making things illegal).
Everything is still in the initial stages, so I'm really interested in seeing what happens in the future. What do you guys think?
24.2 percent tax is really high, but the best is it didn't got banned on the country, many investor will be affected if that happen. In my country bank are banning all the account related to cryptocurrency because cryptocurrency is not supported on the laws . Despite all the FUD from Korea lately, it seems like the government is actually taking a fairly positive stance towards crypto now. I think an official tax system for cryptocurrencies legitimizes the industry. Looks like Korea might be going towards what Japan has done in terms of policies regarding crypto, even though in the beginning it looked like they were going in the same direction of China (creating FUD, making things illegal).
Everything is still in the initial stages, so I'm really interested in seeing what happens in the future. What do you guys think?
A tax system is definitely better than a total ban.
Absolutely right. People would agree more to that even if we don't want to be taxed but these regulations help clear the skepticism of what will happen next. Ban rumours will always come up but when regulations get implemented, it stop that rumours.
20 percent for crypto isn't much though !! turkish government gets 100 percent tax of every car being sold )
) Fine if they want to take back some control over cashing to fiat, but 24% is way too much in my opinion.
It's in line with the existing tax policy, so I think it's hard to disagree with. If undertaxed, people will see it as a sign that the government is very lax about it. If overtaxed, people will think the government is too strict, etc.
Crypto is in its literal infant stages in Korea, so I can see why the govt would want to do this in the beginning, and the lower or raise the tax rates according to public response.
If It's in line with the existing tax policy, then I think the current tax is too high.
Taxing on exchanges is rip off for normal investors because the taxed amount will be charged on the users deposit or withdrawal fees. Finally it would be for users to lose in these type of situations. Large investors likely won't get affected by this but shall fishes might suffer.
Anyway it is times better than banning cryptocurrencies completely like what they did in China.
Anyway it is times better than banning cryptocurrencies completely like what they did in China.
To be frank! instead of banning governments has taken some decision about the cryptocurrency. I think they are charging nearly 24% on bank transaction, so it will be placed for people who are trading in those exchanges, may be charged will be high and it is going to be collected from peoples trading.
yes, the crypto rate may suffer now that some resist, and later it will go up. They will retain taxes for themselves
To be honest, I think this is a necessary evil. If we want to see Crypto rise up and fulfil its mass-adoption potential, then we need the powers that be to at least THINK they have some control over it. In the end it's bigger than them... but let them have their little slice of the pie in the meantime as it gathers momentum.
they cannot fight crypto, though they will try as some are doing. Japan and South Korea is another example
My overall impression with what is happening now is that the big banks are doing their best to somehow "control" the policies the governments implement against cryptocurrencies, through the Central Banks. They are afraid of what cryptocurrency can do against them. Maybe I am wrong also.
Most other Governments will certainly be looking at taxing Crypto - it's inevitable and does give more legitimacy to the markets. In the UK hopefully it will stay as capital gains tax - 20%. We're bound to see more legislation of course - how you deal with ICO's etc etc...
Fine if they want to take back some control over cashing to fiat, but 24% is way too much in my opinion.
I don't think it's too much. Yes, it's high as percentage along, but every business is paying even more taxes on profit in almost all developed countries.
As bad is it, taxing is giving legitimacy over crypto industry.
I'm ok with that tax. It would be nice to lover it in future, but it's all good.
Legal matter is now one of the most important things in crypto.
Legal matter is now one of the most important things in crypto.
A tax system is definitely better than a total ban.
Did anyone against this read the story? They are going to apply normal Korean corporation tax to Korean exchange. Dont use a Korean exchange? Doesn't affect you. If you do, it might mean the exchange rises is fees a little to cover the tax thats on its profits NOT trading, though with competition may not do so.
BTW 24% corporation tax isnt even high, dont know where you posters are from but average in Europe is ~26%, Asia is ~27% and in North America 37%, Global its 29%.
BTW 24% corporation tax isnt even high, dont know where you posters are from but average in Europe is ~26%, Asia is ~27% and in North America 37%, Global its 29%.
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
Despite all the FUD from Korea lately, it seems like the government is actually taking a fairly positive stance towards crypto now. I think an official tax system for cryptocurrencies legitimizes the industry. Looks like Korea might be going towards what Japan has done in terms of policies regarding crypto, even though in the beginning it looked like they were going in the same direction of China (creating FUD, making things illegal).
Everything is still in the initial stages, so I'm really interested in seeing what happens in the future. What do you guys think?
Despite all the FUD from Korea lately, it seems like the government is actually taking a fairly positive stance towards crypto now. I think an official tax system for cryptocurrencies legitimizes the industry. Looks like Korea might be going towards what Japan has done in terms of policies regarding crypto, even though in the beginning it looked like they were going in the same direction of China (creating FUD, making things illegal).
Everything is still in the initial stages, so I'm really interested in seeing what happens in the future. What do you guys think?
In the beginning of all this mess the south korean government stated they
were NOT going to ban crypto, but that was REPORTED INCORRECTLY which
led the panic selling and to where we are today.
Taxing crypto is a funny one really, on one hand it legitimizes the industry
but on the other is introduces a degree of regulation. is that a good thing?
I know a lot of people will not like either taxation and regulation.
They made FUD and mostly those FUDs come from US cuz there is future options on btc. investors are taking short position on btc. So they wanted to make some FUD than weekhands has sold their btc and now btc is 11k but how long can they do that ? You see many new coins/tokens coming up and there are many new investors. People join an Ico with thounds and rarely with millions dolar. Do you think they are fool ? no , they believe blockchain technology. everyone knows blockchain is future unless beter technology is come to true.
I dont think tax is bad option for cryptos but its not easy to regulate cuz many alts are coming up with decentralized so if there an ICO in Vietnam and i m join this ICO from Denmark and i did some profit with my invest so which country will ask for tax ?
or there is a decentralized exchange (coss,cob,dex ) and i m trading on this exchange and i did good profit let say x5 . as you know you dont need kyc for decentralized exchanges. so who will come to me and ask for tax ?
Cryptocurrencies have to be regulate and than tax will come but how ? no one know real answer i think. we must be prepared for many FUD but we must believe in the end of day we will be winner.
I dont think tax is bad option for cryptos but its not easy to regulate cuz many alts are coming up with decentralized so if there an ICO in Vietnam and i m join this ICO from Denmark and i did some profit with my invest so which country will ask for tax ?
or there is a decentralized exchange (coss,cob,dex ) and i m trading on this exchange and i did good profit let say x5 . as you know you dont need kyc for decentralized exchanges. so who will come to me and ask for tax ?
Cryptocurrencies have to be regulate and than tax will come but how ? no one know real answer i think. we must be prepared for many FUD but we must believe in the end of day we will be winner.
I glad that all these FUD is clearing out, but I think if they stand on that huge tax on crypto trading which to me 24% is quite high, I can see the volume moving down to another country, the way Korea benefited from China FUD
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