⚖️ South Korea plans to tax crypto gains

[crypto xxx7 17]

Korea's Ministry of Economy and Finance is pushing for a measure to tax crypto transactions to be implemented next year.

 

Another bill on enhancing the transparency of the trading of virtual assets awaits passage at sub-committee level.

 

The government is reportedly seeking to levy capital gains tax on cryptocurrencies regardless of the bill's passage.

[Migo 7946]

Yes this country is not the first, I heard the same news recently about Brazilian government which they already did, bitcoin is going bigger every day this is why they tax the holders 

[tienda 8776]

This is a good news for cryptocurrencies and there are others countries like South Korea where already did; of course if there are some tax we need to pay is obligatory to pay them no problem the important of this news is that Bitcoin and crypto every day going bigger.

[Sumayya 493]

Each country is now coming up with tax in one way or the other, they are busying Making it hard for Bitcoin to be used

[bentayebsalah 2280]

I see that it is good to impose some fees on the service of trading in cryptocurrencies and this is in order to maintain the stability of the country and South Korea knows that well and it is good for me

[Emma 611]

On 12/10/2019 at 12:45 PM, Jonok said:

This move from South Korea seemed very appropriate to me.  Because it seems like a really important thing to grow and implement crypto in South Korea, this country is entering a good point in crypto.

Yeah. Tax is a great source of income for a nation. if one country become successful to collect tax then it will surely adopt crypto which is good for crypto world. but it is really tough.

[patitaycute 648]

South Korea was not the only country that put a tax on Bitcoin. It was not a bad idea since the government used the tax to run their economy. The concern was it lost the meaning of crypto that has no tax implemetation.

[Afrizal rahman 2636]

The crypto is getting bigger and more widely known by people. Korea's decision is right to impose a tax on crypto users. meaning their government has accepted the presence of crypto at this time.

[McCree 713]

On 12/10/2019 at 9:51 AM, Abanti34 said:

I have seen news in various countries paying tax on crypto currency transactions, and the move to South Korea will be very rewarding for us.  Because we need to have a tax chief in crypto currency transactions, this will increase the value of crypto and there will be no problem in currency transactions.

I don't think it's going to be like the government makes a store of cryptocurrency that they have taxed, they'll probably convert it to fiat and who knows who they will sell the bitcoins to.

[Dinesh09798 283]

This is very good news to every crypto holders, if south korea legalize crypto, the crypto market go up. If crypto market rise, we all are going to making profit. So this is very good news for all of us.

[Benjamin 84]

This will be easily to adopted by many country to putting some taxes on it because many country are afraid to used bitcoin and they will got some funds from it by putting taxes because this crypto coins has no tax.

[Naga 1250]

22 hours ago, bliznec said:

If South Korea taxes Bitcoin, it will be very good. It is necessary to take into account the law and not violate it, then the profit will be. 

i dont see a reason to do taxation on bitcoin because literally the government has nothing to do with how i make my money and i believe they wont compensate me if i lose it all as well.

[rajonmia 181]

That is really good news. If every country do the same things then this crypocurrency will be legal. Everyone can earn here easily. But this is long time process.

[tienda 8776]

2 hours ago, Sumaira aslam said:

Iam agreed with you but The taxation of cryptocurrencies will mean it is a form of income earning work and a legal form of payment.

Yes of course is form of income earning work and a legal form of payment.

[tienda 8776]

7 hours ago, TeknoLightz said:

Well I think as long as the taxation is from the final profit and is a reasonable amount it could be fine to pay taxes and it could be beneficial for the adoption of crypto in the future.

Yes you are right.

[miskyming 1588]

Well I don't know if this is good or bad news for koreans that having a tax in cryptocurrencies. In my opinion I think it's good that having tax in cryptocurrencies this means South Korea is legalize using cryptocurrency. 

[suzuya 945]

This is really nice for their country, because atleast they legalize the use of cryptocurrency in their different transactions and also they implement the use of it. Both the government and it's people will benefit from it. Good thing is that in our country we are allowed to use bitcoin but our government doesn't recognize it as currency.

[deepown 0]

Maybe they will sicced like canada did, canada was one of those countries that did nit ban crypto and just found ways to impose taxes every chance they got.

[Mercello Blyat 21]

The government of South Korea is planning to charge a 20% tax on income from cryptocurrency transactions. Other income in Korea is subject to a 20% tax on 40% of total other income, and the remaining 60% is tax-deductible, per the report. South Korea has been planning to levy taxes on crypto gains for over a month now.

[Juanaespinoza 139]

This will happen in most countries, in fact in my country 2 years ago that we must already declare our cryptographic income and pay taxes on our profits.

[Captain Karim 0]

I do not think the idea of imposing taxes on cryptocurrencies is a good idea because cryptocurrencies are decentralized and these taxes can be easily evaded by many people so the benefit of imposing them on each other and letting others do whatever they want.

[BTC Future 3946]

Taxing should actually be the last thing to do, unless they actually do not want their citizens to hold any cryptocurrencies. Taxation does not promote the adoption of cryptocurrencies, still there can always be ways to profit and hide your tracks. South Korean exchanges had major hacks in the past, with claims that N.Korean government was involved and the South probably see it as an extra danger for them. Still taxation in my opinion should be minimum and just for cases of large amounts of money involved. Taxing less than $10.000 transactions will cause more problems for both the cryptocurrencies and the governments, due to the costs involved.

[Thekingcallme 1975]

But how will taxes be imposed on users of cryptocurrencies because it is difficult to find out who is dealing with them or is there a system that can do this in South Korea

[CryptoMaxim 3829]

On 21.03.2020 at 01:45, kabanidze said:

And what is this? I fully support Korea, it legalized cryptocurrency in my own country, now cryptocurrency is like a normal currency and it needs to be taxed, at least taxes on income from cryptocurrency. It is right!

If this happens, the cryptocurrency will become centralized and all operations will be easier. I just wonder what percentage of tax they will accept.

[BrolySSJ 7899]

There are many countries that seem to be starting to tax earnings on crypto and the crypto that people already have. Although this may not seem like a good thing, it shows how integrated crypto has become in these countries and how it is being used, and therefore it is also an indication of how accepting they are to the cryptocurrencies. Therefore it seems that more countries are integrating crypto into their infrastructure, such as south Korea, and therefore they are then able to tax it.