South korea imposing taxs on crypto traders !

[Maaz sultan 265]

On 1/20/2020 at 11:37 PM, Moustafa said:

South Korea imposing a 20% tax on cryptocurrency transactions.
In your opinion why does south Korea do that and how it will effect the South Korean traders? 
And do you think that in the future more countries will do that or not?

It's not fear 20 percent tax is so high the people of south korea how accepts this huge burden on their arms . If the government not take back their orders then the crypto traders take another way to trade without giving 1% tax .

[Izeal 4404]

I think many people are ready to pay taxes in most of the countries where the cryptocurrencies hasn't legalized but the countries are not ready for that. Imposing tax is good because it is for the betterment of the country. So, always  pay tax but the tax should be according how the traders earns that year. 

[Omar Ommeish 4872]

All countries try to impose taxes on people who trade cryptocurrencies, but I think this is important for countries and governments, but it is bad for us because we need more profits without paying taxes.

[Teresa112 37]

The really sad news is that it is not easy to pay 20 percent fee for cryptocurrency because many users transact in very small amounts of cryptocurrency and paying 20 percent extra for it will benefit them so I hope these charges will be removed otherwise it is good  Not a policy. I think investors will have to suffer if these charges are not removed.

[Cryptomint 433]

I think it is not good thing. And traders are giving 20% taxes so whit they will earn. South Korea should avoid from this thing...

[percare 3192]

This has been decided by Sourth Korea and there will be this tax but for a transaction over some limit that I don't know exactly right now, and not for small profits. It is taxes and it also means that there is regulation for crypto now.

[Sykkuno 2887]

South Korea decided this and it is not very different from decisions taken from other countries. It is a big taxation that probably makes it harder for traders to profit and we will see what effect this will have in the volumes of South Korea as I expect many to start trading in binance and other exchnages to hide the profits.

[bogdanoff 3173]

South Korea made a decision that is extreme. Maybe 5% taxation would be fine or a progressive tax to given to the highest profits over a million dollars so high but with this it is only says they don't want crypto trading. I hope it will be removed and not allowed to have so high tax.

[Mwangi 5611]

I think when a government gets a new nitche they can be able to actually tax people its true then south Korea has to take that advantage, then it also brings in control to this new system and it works perfectly if we are all suppose to follow it. but I think sooner more countries will get in to that space and start taxing crypto currency and I think its not that bad of an idea 

[yonkii 3205]

I don't think there will be a 20% tax on cryptocurrency transactions. I think you made a mistake here friend. Transactions can't be taxed. It will be the profit from trading in exchanges that will be taxed. You have to recognize the difference and not say wrong things like this.

[Fixfin 2569]

While this tax looks too much there is still the same in many parts of the world where cryptocurrency trading is regulated. It is also similar to taxation of profits from stock trading and other derivates but every country has difference and not always this high. I think that it will somehow not allow crypto investment to grow a lot.

[cryptovlek 2597]

On 1/20/2020 at 8:37 PM, Moustafa said:

In your opinion why does south Korea do that ? 

What are you asking now? Why a government wants to collect taxes? This is their main job. To administer and increase the wealth of the government and the country. Do you think it is bad to ask to tax profits? Who will pay for the services you have for free in your country?

[annayks 2314]

South Korea has increased adoption of cryptocurrency trading mostly but not used a lot and with a new law it is expected to allow it further but this taxation is too much and it should be a lot lower. This is a rising market and very small but is you put taxes like that in the beginning you just don't allow it to grow as it should.

[zhoutong 2188]

As far as I know many countries are taxing cryptocurrency profits and some are taxing even the ones you hold and you have to pay in some taxes of owning a luxury asset. This is not what most cryptocurrencies are about. There should be a definite solution as it is here to help the commerce and all the markets and not just about profiting from trading.

[noshot 154]

This is not cool by korea. If they wanted to tax they should make a better judgement and not just say I'll take 20% from everything but make a small tax of 1% or 2% and allow the market to keep runing.

[Mella 3680]

This is bad, once again another tax by some rich country that not wants to allow the people to make some money but it is want to take some too. I am read in the forum about the same for the UK , Israel and america and South korea is too. I am very sad to know about all these.

[kryptonick 2659]

For some occasions taxes are bad and this is one of them. Nobody wants to pay taxes for investment profit as there is also a big risk involved and instead of profits there can be losses but these are not covered by 20%, the governments this way only want a piece of the profit risking nothing.

[khan22 3478]

Soon the South Korea legal the crypto market and the peoples will pay the tax on their profit when they earn and this is good becasue in so many countries crypto market is totally ban and i hope soon in all over the world crypto is legal.

[Mir Hamza 2888]

Yes, it has been seen that South Korea has added 20% tax on cryptocurrencies. It will not have any loss but will gain many benefits. Like there are many countries where Bitcoin and cryptocurrency are banned altogether and South Korea has taxed cryptocurrency and that tax is not too much and the tax is less in respect of Fiat currency. In this way, the biggest advantage of this is that cryptocurrency has been declared absolutely legalized but it will have to pay tax. Where can there be a lot of country like South Korea, maybe someone can turn on cryptocurrency and add tax on it, which will also benefit the government and cryptocurrency traders. 

[ramonn22 731]

On 1/20/2020 at 7:50 PM, Moustafa said:

Yes, I agree with you and I think this tax isn't bad but in other Countries, crypto is very easy to trade with it and they didn't ban it or imposing any tax.

If dear friend and colleague of this great forum I am with the same opinion that you express, it should not be because it is bad that they will charge taxes on Cryptocurrencies since this meant that they more or less accept them
Good luck and big winnings for the whole community
A big greeting

[Gabriels100 157]

Well, it is already being implemented in many countries, it is part of the development of this market and its products, the good thing is that it continues to develop and generate income for all of us who are interested in these projects in the crypto world.

[Edwinvicky 819]

Tax on crypto? That will only happen when people used government approved exchange. That can't happen in black market.

[entrepreneur 634]

I do not think that it's a good idea, because that kills a lot of profit on trades or in any transaction what so ever, so I do hope that they will cancel this or at least lower it, like to 5% of all NET profits at the end of the year or something.

[mahdititus16 216]

about imposing taxs in south korea i will explain about that just read my comment to understand it 

I think that south corea taxes on the crypto currencies is the best way because every country implemented the taxes. May be it is due to bit coin high demand in crypto world or cryptocurencymarket

so brother i hope i answer to your question and good luck for you .

[Sanjana321 6]

It is a great kind of informative my friend about the taxation policy provided in the south korea, I was not aware that the country have power on the digital currency but it is also good for the improvement of the country we all need to accept the changes happening my brother.