South Korea's break their law for taxes?

[koussai999 1986]

I don’t know how they will tax people when they deal with cryptocurrencies because people can evade taxes in a very easy way. Is there a mechanism to clarify the matter

[Virgil dijk 1431]

I think if a country hasn't legalize an asset yet , it's not right for them to get taxes from that particular thing , because there see it as an illegal stuff but yet there still make money from it, so I think it's better for them to legalize cryptocurrencies because there are already many users in the country.

[TimopheyKa 3900]

In fact, this is true! But I think that they will somehow correct this situation, and try not to allow such a fall. I think if they create a blockchain system that will give a percentage of the payment, then in fact, it will be legal!

[raq533 29]

Well, South Korea is an example of how to profit from absolutely any income item. Perhaps they will initiate new reforms in the tax area in relation to cryptocurrency

[Cryptomint 433]

That is a good news. The taxes of any country always destroy the poor people. And now the bitcoin is giving more and more. And flying to moon.

[khan22 3478]

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?

 

[percare 3192]

Whatever I read from South Korea is bad news and many times overblown and fud. Spreading fear uncertainty and doubt to investors is when whales want to push prices lower and buy even more. As smaller investors we have to not be afraid and holding to Bitcoin is our best option as now it is more than just the usual whales that want to buy.

[Sykkuno 2887]

South Korea started a new law with high taxation for profits but it is similar to the other laws the country has about trading profits so it is not something very bad for crypto. It is about the exchanges and declaration of profits to the tax offices they have and using crypto was not banned and exchanges were not banned as some were talking.

[bogdanoff 3173]

We know that South Korea is strict but they can't block the millions of people interested from Bitcoin. It has a very high popularity and acceptance in the South Korean society and crypto is something they enjoy using as investment. I hope any new law will be helping cryptocurrency and not making it strict and difficult to use and invest.

[Mella 3680]

A country can change the laws, South Korea is a serious one that has strict policy and not allow anything to run free so it was expected to introduce a bill and ask for fees for crypto profits. It is the profitability at bigger level target for taxes which I am think will not be problem for 90% of the trader that are trade smaller.

[BrolySSJ 7899]

Of course in order for south Korea to be able to benefit from crypto through taxes, there needs to be various changes that are made to the regulations. First the regulations that ban crypto will need to be adjusted so that crypto can be used. This of course is the first regulation that needs to be changed as this will also involve implementing a tax rate that will need to be adhered to by all of the crypto users. Another important stage will be to develop a means by which to regulate and control or monitor the use of crypto within the country as this will be important in the tax usage system. 

[Fixfin 2569]

The trading in sourth korea for cryptocurrencies provide very high volumes, also many exchanges had fake volumes to make their markets look more appealing, but lately it is being said that there will be a change of the proposal to include taxation and perhaps it will be eithere lowered or won't apply at all.

[Onden 2098]

On 1/12/2020 at 8:45 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?

Of course unregulated taxation is against the law. It's the same as forcing the income of a crypto trader, but to generate bitcoin or crypto requires hard work and it's not easy. We as citizens must finance the state, even though we do not ask the state to finance us. does not give us decent jobs but continues to demand income from us.

[yonkii 3205]

I don't think that a regulation to import taxes means break of laws. It is a law anyway but it shouldn't be punishing the traders but only a small on the bigger profits. Laws sometimes are not rational and can be outdated. In crypto there can be high profits but also big losses. So the risk the traders take should be taken into account too when taxing the profits.

[Barbarellah 2225]

The fight that both governments and banks have maintained against the legalization of cryptocurrencies in some countries of the world is not due to the fact that this new system is harmful to its inhabitants but because it is a totally decentralized system and in reality who it hurts is to their own interests. Today the world is changing and with it also its rulers, seeing how in this last year the adoption process is accelerating, everything is a matter of establishing regulations and ensuring that in one way or another regulations are complied with in such a way that benefit the State.

[Jromz 2158]

I think regulation and taxations of cryptocurrencies even when they're not compatible with decentralization ideals, they could somehow bring some legitimacy to the cryptocurrency market, thus having an effect of massive adoption. In the case of South Korea, these measurements seem that have been meticulously assessed due and will end up taking place, despite the unconformity of local users of cryptocurrencies.

[Mubiflow 1771]

Yes @Jromz their initial Barning of using cryptocurency as one of their training fund have  caused the early adoption of the currency I think S.Korea are on the tract I think  they are going to be very very rich in the futture of k.c

[Goyaa 2414]

Tax determination must be in accordance with the rules if there are no regulations that are not yet in effect. Taxes without rules are clearly against the law, all rules must be obeyed. If they break the law, of course we will no longer trust the government.

[Braulio Eurea 720]

South Korea charges taxes on bitcoin transactions, even in violation of its own laws. Well, we must insist that the covid-19 pandemic significantly affected the economies of the countries, their gross domestic product has fallen dramatically, this has made many governments take into account operations with cryptocurrencies to generate some type of income either through taxes, creating their own coins or partnering with crypto companies. The idea is to obtain income in the short term to try to recover the economies that have been ruined by the effect of the pandemic.

[Teminali69 1081]

When I look at it I do not even see possible ways to get taxes from transactions unless it is from transaction of the coins made by the governments itself, no one can extract any potion of a transaction from a decentralized coin like bitcoin or Litecoin.

[Projectcrypto 4382]

South Korea now know the value of Cryptocurrency and that is why they choose to fix tax on every trader in there nation and  i think it is not too bad as long as they didn't charge them huge percentage because the tax will serve as a source of revenue to the government which they can use to support some projects in the country.

[Nila2020 393]

South Koreans know the value of cryptocurrencies, and they use cryptocurrencies. Relations with the transactions of this forum in South Korea. Many were unemployed for the epidemic corona, through this forum they are able to improve them

[abdullah553 1981]

On 1/12/2020 at 3:45 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?

I do not think that it will be able to impose taxes on it because it is unable to track ongoing operations, but I think it will be able if you withdraw money through banks only.

[annayks 2314]

South Korea has some strict regulation and lately wants to do two things. First tax high profits from cryptocurrency trading and second ban the privacy coins. Both mean bad for cryptocurrencies in general and South Korea should change this approach in my opinion that is damaging both the market and the crypto traders in the country.

[Mwangi 5611]

Yes they should and we need to build up that powerful stand to it and be sure to really keep everything going , there is a lot of work to be done, and the right thing to do is to establish those key structures that are easy to work and build on there are so many of them and we need to go with them and work on them really hard that is how that is easily established.