South Korea Announces 20% Tax on Crypto Profits

[Goyaa 2414]

I think the 20% tax on crypto trading income is quite high, and in my opinion it hurts crypto traders a lot. I don't think this rule is beneficial for crypto traders, it only benefits the country. The South Korean cryptocurrency market will decline if this rule is implemented, and perhaps traders will try to avoid taxes.

[crizan1412 185]

Too bad there,% 20 is already a lot, it is an abuse, if they want to collect taxes I think at most it should be% 1 or% 2, typical of governments doing what they want

[BrolySSJ 7899]

This is very interesting. I agree that the tax amount is very large, especially to be taxing one fifth of the person's profits, however this is also a good thing on the global scale of crypto as well. If the government is willing to tax crypto profits, then it is an indication that they are open to the idea and to the use of crypto. They could serve as an example for other countries and nations who might also do the same to benefit from the crypto world as well. Doing so will be great for the uses of crypto because more merchants will start accepting it as a viable form of payment. 

 

In my opinion, i think that this could affect trading volumes in Korea, however, in time this should return to normal as crypto becomes more and more popular in this nation. 

[khan22 3478]

South Korea is a good country and they make good decision becasue soon in all over the world crypto market is going to be legal and that time peoples will invest in it and the market that time make a great bull.

[Onden 2098]

That's bad news for crypto traders in South Korea. High taxes might keep the crypto market quiet, wholesalers might turn to small traders to avoid the $ 2,000 deal. As for bounty hunters, they can trade without being taxed. 20% is a very large number, I think the imposition of this tax is unnatural, it will decrease the trading volume on the South Korean crypto exchange.

[Omar Ommeish 4872]

On 7/23/2020 at 10:57 AM, malik6314193 said:

In one way it is good news because now South Korea officially accept the crypto currencies and crypto trading and but it is also a bad news for their users that now they have to pay 20% tax which is too much. 

I do not think it is good news because the tax rate is very high and when this law is implemented I think that we will notice its effect on all Korean platforms and perhaps the liquidity of cryptocurrencies will decrease in those platforms.

[sarahmoses202020 251]

This seems to be fair. The government has shown affection towards crypto. What we want is for them to accept it as a means of payment and also allow us to spend them however we like without limits.

[Guru2050 8284]

I see no reason for a whole body of government imposing tax on crypto currency system which is an independent body that's free from taxes due it's decentralized in nature and anonymous means for making transactions world wide. I hope they will consider reversing this tax approach.

[guatazoo 7150]

Its good for them to take taxes from their citizens who are using cryptocurrencies, but 20% from profit is very high because those who uses crypto are facing with too many loses, so they should decrease it at least to 5%. 

[Mwangi 5611]

One of the countries that are fully appreciating the crypto currency space is the south Korean country and I think when they have totally realised the space they are trying to take in the same into advantage, and I think 20% brings in the whole idea of the market working well in its own structure there is a lot of things that can help us and in the end that does work well for so many people. But I just think its important we are imposed on crypto users

[Sandra k 6]

It is a government rule in every country is that you must pay the tax for income that you get and is 20 percentage is of South Korea and different countries will change the rates. At least South Korea is allowing trading and investing on cryptocurrency and that is a big advantage four citizens out there.

[Oki 675]

I think the tax rules applied by South Korea are quite good because those who are taxed are those who have a profit of more than $ 2000, but I don't agree if the tax is imposed at 20% because in my opinion it is quite a lot. Maybe if 7% or 5% tax was acceptable to people in Korea, this regulation would make the crypto market drop a little.