South Korea's break their law for taxes?

[nicolas1234789 2566]

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

[Rudro88 371]

South Korea actually has more users of Bitcoin, in that case, if Bitcoin is used in South Korea at the right level then South Korea's currencies will improve.  And if the tariff system is done in the case of Bitcoin, then it would be better because the big business people who deal with Bitcoin think it will be necessary to levy a tariff.  And implementing it seems to be good.

[bliznec 22268]

South Korea is not yet the formation of cryptocurrency, was in the law. But blockchain is still spreading in South Korea. 

[Satya31 865]

This is very good news. South Korea is now understanding the importance of crypto. They can make a good change and effect in the market. But one thing is must i agree with. The tax regulations must be applied on the crypto also. But it is not possible for the all countries because of the rule of bitcoin. So it is a problem. 

[BTC Future 3946]

South Korea and Japan were the major reasons for 2017 parabolic bull run of Bitcoin and the rest of cryptocurrencies. There were institutional funds investing back then when the price was 1000$ and managed to profit a lot. Right now there is basically not much new money getting in Bitcoin and the taxes didn't met the levels they wanted, so they are probably trying to regulate more and raise taxation. The regulations in place in these countries were what was needed and I think that any other move would cause harm to cryptocurrencies.

[Rahul21 626]

In the case of crypto currency and Bitcoin, the tax is the main one I think is correct because the country where the Bitcoin and crypto currencies are actually being traded must be paid, and in South Korea that has not been said to be acceptable, I can say that in many countries it actually is.  Can't do because different people are transacting illegally.  In that case, if it is introduced legally, it will be seen that the transaction is hassle and hacking is very good for all Bitcoin and crypto currency transactions.  Therefore, it is important to pay tariffs everywhere.

[Black_Sword 539]

If the south Korea remove the law about the taxes, there is a possibility that the crypto currency will grow in their nation and get more benefits from bitcoin.

[tienda 8776]

South Korea actually is the number one between all countries who have yet adopted Bitcoin or cryptocurrency on their system economic or government, so if now break their law for tax I think they get more benefits from bitcoin.

 

 

[Romaan1987 601]

13 hours ago, nicolas1234789 said:

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

that is the main factor of crypto currencies that no one can control it and also most of transactions are not traceable, crypto currencies field is a vast field, many of countries have tried to ban bitcoin or crypto in their country but they cant.

 

[Naga 1250]

23 hours ago, nicolas1234789 said:

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

i think they eventually gave up on trying to stop crypto because there is no way they can actually do it, bitcoin is not being mined by one laptop or even 100 but its being mined by thousands of people around the world which is why its hard to stop.

[andrehol 16294]

It's a good news! If a cryptocurrency trader launders money, this is the matter of the police (all transfers can be traced) tax exemption for traders will increase the number of merchants. New exchanges will open. This is a step towards development.

[Afrizal rahman 2636]

South Korea does use a lot of Bitcoin, that's why the government's decision to tax it. I think tax is very good for the country, because the tax revenue from Bitcoin is very much and it can continue to develop the country.

[bentayebsalah 2280]

I do not think that South Korea or other countries are able to impose taxes on those who deal with bitcoin and cryptocurrencies because monitoring this is impossible.

[talo122 735]

Regulation is become very soon in south korea, taking taxes is a good sign that the are considering regulate it as they say crypto trading can't be stopped now  this will give the crypto market a good positive momentum. 

[Syedbesharat 5423]

On 1/12/2020 at 6:45 AM, nicolas1234789 said:

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

Their case is just like U.S they are just want to fill up their pockets from crypto users.They band the law for their own good ,they don't care about crypto frame work.Just need money from crypto users to do corruption with it.I hope they don't go seriously for collecting Taxes from crypto users.

[Nakamoto 279]

This is uncertain and I read the tax is too big. Taxes that are too large will only reduce user interest. They should not complicate the economic growth of their communities.

[Yanadia 1517]

It's not good if the taxes are to big because it's out of the Bitcoin goal.  But the Bitcoin community in South Korea many of them will certainly ask for government policy for that matter.

[Dolpharius 675]

18 minutes ago, Iremide said:

South Korea's presidential responsibility through PCFIR believed it was no longer feasible to ban cryptocurrency trade. Around 2017 - 2019 South Korea tends to be stern about bitcoin and cryptocurrency. But nearby are tranquil policies that give the impression jumping and not coherent, notably a propos taxation. Their management take to court to dig up taxes from bitcoin transaction but the decree isn't finale yet. at this instant they go with reimbursement from bitcoin but taxes with out control is that rupture ruling it self?
 

I think over time they will finally come to a certain consensus, for a long time you can’t bypass the crypto sphere, since it’s a lot of money and they can somehow pull some kind of tax, as this is their problem, although I see how it can be done perfectly.

[babaji 1228]

Finally atleast, one government has realised the truth, that you cannot control bitcoin, so stop trying to put a noose around bitcoin, you will fail miserably. This is one thing, that is the most decentralised object ever created. Instead of fighting it, or trying to stop, see the vision and the aim and accept it, and let it get it deserving position of being the next best currency after your national currency.

[Oxygen 1004]

On 1/12/2020 at 6:45 AM, nicolas1234789 said:

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

Recently i saw a topic/post about south korea tax implementation, South korea also have tried to ban crypto currencies as other countries do, but no one could able to stop crypto usage in any country. Even china can't stop their users from using bitcons and other crypto. I think it is better to implement some taxes and regulations instead of banning crypto currencies. As in my opinion now the use of crypto currencies can not be stopped.

[BTC Future 3946]

3 hours ago, Oxygen said:

Recently i saw a topic/post about south korea tax implementation, South korea also have tried to ban crypto currencies as other countries do, but no one could able to stop crypto usage in any country. Even china can't stop their users from using bitcons and other crypto. I think it is better to implement some taxes and regulations instead of banning crypto currencies. As in my opinion now the use of crypto currencies can not be stopped.

South Korean has a really good fanbase for cryptocurrencies. There is a youtuber (called luckygubong if I remember correctly) that is going live everyday and has more than a thousand active participants. There are exchanges as Bithumb and Upbit that create really high volumes and probably South Korea is one of the top 3 coutnries in cryptocurrency trading volumes. They were close to adopting Bitcoin and crypto as payments methods in 2017 but they stalled and didn't followed Japan. Back then it was looking that they would legislate in favour of cryptocurrencies. Hopefully they will change their mind and become more progressive in their legislation in the future.

[Whited35 15285]

But it has not been so long I see, there is the another rule is yet to come there to suppress the cryptocurrency market in South Korea, is that the fake news if so. The countries under the USA support are trying to face the hard time for the Crypto if so?

[Ali_hmwi 966]

A simple opinion about this topic as long as they can take money from any kind of market they will just say we don't need that so we will put a high fees it is just a play that they do to gain more .

[SuperCrypto 7193]

Cryptocurrency speculation appears to have become irrationally exaggerated, prompting the South Korean government now to take steps to reduce the nation's digital currency madness. It is their massive participation that greatly appreciates the value of digital currencies worldwide.

[Lover840 0]

On 1/12/2020 at 7:15 AM, nicolas1234789 said:

South Korea's presidential office through PCFIR said it was no longer possible to stop cryptocurrency trade. Around 2017 - 2019 South Korea tends to be strict about bitcoin and cryptocurrency. But there are still policies that seem jumping and not coherent, especially regarding taxation. Their government try to get taxes from bitcoin transaction but the regulation isn't finish yet. Now they see benefits from bitcoin but taxes with out regulation is that break law it self?

I think it is probably because south Korea has a larger number of crypto currency users. And because of larger number their government is gaining good amount of profit by taxation which is why it's happening without proper regulations?