South korea imposing taxs on crypto traders !

[yulitzacalvete 1366]

On 1/20/2020 at 2:37 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?

Governments always wanting to maintain control of the economy, I think that 20% is a lot of money because using cryptocurrencies also implies paying transaction fees and to add 20% more for expenses which is what that country requires, so it is not I see all right to place 20%.

[Lokeloke 576]

On 1/17/2021 at 5:04 PM, Serbberq said:

They are imposing tax to their citizen to generate revenue through crypto trader. That will help to boost the economy  of the country Ann they will fully be part of the digital advancement around the world. 

But I don't still understand how they'll be charging the taxes since the cryptocurrency markets is a decentralized one and how will it be possible for them to charge, or else they may trace the bank account used in buying the cryptocurrency, I think that's the only way

[scofield64 943]

I think its will be better for tax to be impose in cryptocurrencies by government, rather than its should be banned totally. But the rate of tax imposed by south Korea's government on cryptocurrencies is high, 20% is too much. The tax on crypto should be fair enough. 

[Nersreem 279]

That's another way of sourcing revenue to boost their economy. And crypto users will be charged for all transactions they make whether they make profits or not. 

[Dang3r 103]

Taxes are necessary, to offer legality to the crypto market, however in Korea taxes are directed exclusively to sales transactions, that is, when you convert cryptocurrencies into fiat and only when it exceeds a certain amount of money, since it is sought to regulate but not suffocate the crypto market, in the same way some exchanges did not agree and left the country during these months

[Quickbee 26]

There is nothing wrong with a country or its government imposing taxes. At least Crypto  will be legalized in the country. The only suggestion I have small traders and investors must be exempted from taxes. Taxes must be imposed only above certain limits.

[Salba 41]

The country which accept the crypto will definitely impose the tax . some countries not still accepting it but when crypto popularity will increase than every govt will impose tax on it 

[Roman Wickler 1021]

South Korea did this to make it illegal and people don't yse it for illegal activities. They can also track the real user. So they put 20% tax in cryptocurrency transactions. I think they made a good decision. Other countries who don't accept cryptocurrency should do this same.

[Yuri Nurov 227]

Permit me to say this is absolutely wrong as they need to wait until the currency is has been accepted worldwide then they can impose tax in as. As the issue is going right now people might get discourage to use cryptocurrency in that country because of the high tax impose on it

[hani20980 2706]

Well even if 20% is a high comission but at least they didn't ban cryptocurrencies and the traders can

safely trade and earn without problems even if they are able to refuse paying this taxes since no one can

track bitcoin transactions but it's better for south korea users to pay this taxes and stay safe

[David84 1191]

This is so unfair and no country has the right to do so , it is just stealing from all the people who trade with crypto currency. It is a highly risky field and people in it a re jeopardized by cyber attacks all the time and then the government comes to impose taxes, this should not be allowed.

[Pereira 2303]

I have had many thoughts regarding this, since we all know that for the acceptance of a new trade in the economy there has to be a tax regulation so that this economy can be managed well with the government in which we are and I can say that the collection of tax is necessary for the growth of the country.

[kion 381]

In my humble opinion, if the government will allow it citizens to partake in cryptocurrecy without any problems, then I think 20% tax is fairly good enough if you compared it what can be earned in cryptocurrecy trading or investment within a month.

[Vola1s 727]

In my opinion, the reason South Korea imposes a high tax on every crypto transaction is the large number of cryptocurrency users there, so the tax is increased to 20%. But in my opinion this will actually make people there object to taxes because 20% is a large amount, of course this will make people look for ways to avoid taxes.

[Alix188 585]

Most governments are fighting cryptocurrencies and trying to impose heavy taxes on the trader and I think this negatively affects the cryptocurrencies because it becomes difficult for traders to withdraw their profits.

[Kristaal 817]

Hello my friend ,
I think it is a smart move, because governments have become unable to confront cryptocurrencies, so dealing with them in some way is the best solution, and imposing taxes is one of the solutions to take advantage of cryptocurrencies in the national economy and support the local currency

[HumamAliDeeb 590]

Right, my friend, the Korea Tax Agency, which works on the regulations put forward by the Ministry of Economy and Finance, and the Ministry of Science, Information and Communication Technology, will impose income tax on cryptocurrency sales and mining profits, according to the new law, crypto exchanges will have to register and store, and where appropriate, provide authorities with details. Transactions of its users. Therefore, exchanges are likely to report these details to the Financial Information Analysis Center (FIU), which operates under the South Korean Financial Services Commission (FSC).
However, the government may look to enforce the new tax law regardless of the outcome of the case. The United States, Japan, Australia, and Germany impose an income tax on crypto transactions. The US Internal Revenue Service (IRS) last year sent letters to more than 10,000 cryptocurrency users filing representations about their crypto holdings.

[HadiLord 926]

Unfortunately, this is what governments have been trying to do for a long time, and I think that the rest of the countries are going towards the same thing because they want to benefit from the large spread of cryptocurrencies among people around the world by imposing taxes or restricting the use of these currencies

[Samer1997 715]

Well, this government knows very well that the profit from these currencies is great so it tries to take advantage of the opportunity, and it knows that merchants will not give up on such business because of a 20% loss, I think that all countries will do this, as it is a good way to profit for the state and for merchants together

[Alibhai 462]

I think south korean government is also getting benefits from the cripto platform , as we all know that most of the countries have considered the cripto as illegal because it is decentralized and can't be controlled but the countries which allows the cripto are getting benefits to avoid it's disadvantages.

[Maria karam 667]

I think that this will negatively affect the amount of trading that takes place in South Korea, and I hope that more countries will not do anything similar. Working with cryptocurrencies is the only opportunity for people who do not have a good job to be able to make profits without paying taxes on their profits.

[Dadouasaad123 902]

This is really unfortunate, I think that this is bad for users of cryptocurrencies in these countries, effectively cryptocurrencies were created to exempt from taxes for users, this will negatively affect the cryptocurrency trading project, I hope that this does not stare in the rest of the countries, because cryptocurrencies are decentralized, meaning that No one can control its value, so taxing users will go against the goal of the crypto project.

[Zein21 839]

I think that South Korea has concerns about the spread of cryptocurrencies, which is why these large fees are imposed on it in order to limit its use, but according to my opinion, this is not sufficient to stop the spread of cryptocurrencies in this country.

[Jack764 1841]

Most people have resorted to the field of cryptocurrencies to get rid of taxes and gain from currency advantages such as speed in transactions and also the possibility of quick profit from trading, and this decision is not good.

[Saleena micky 685]

I think there are many people who want the cryptocurrency will be regularized on their countries like South Korea, but if the cryptocurrency is regularized on South Korea, of course if they impose to pay the tax you need to pay. Because crypto is legal.