South korea imposing taxs on crypto traders !

[Win 1015]

I think thats not  a good move for the people or investors of crypto currency in south korea,becouse if you buy crypto currency there is always a fee on every transaction and if they will add taxes my goodness how could they earn(investors)

[Winwill 10]

Let me make it clear a country and its Government survives on the taxes people pay. While the South Korean Government decision should be taken in the right spirit but a certain level of threshold should be maintained for crypto-traders to pay easily.

[noor job boy 77]

they need to gave them taxes. But our country there have no option to gave texs.But it is very bad news for all traders.

[MohammadMohsin 569]

I think it will impact on the traders money. Cause if the transactions tax are about 20% they get only a few amount of money left. 

[Muskan7816 175]

I try to introduce crypto through WhatsApp, social media, websites and general forums, I often link to crypto news links. Also wrote a post. I think it's important to introduce cryptocurrency to relatives, friends and people we don't know yet

[razib2227 171]

I think people from south Korea will lose their interest on cryptocurrency markets.  20% tax is huge!  Can you imagine if they earn 100 bucks, government will take their 20 buckz! 

[andrehol 16294]

Back in November 2019, in South Korea, cryptocurrencies received the status of digital assets. Assets are subject to taxation.
THE GOVERNMENT PLANS TO TAKE TAXES FROM INCOME AND NOT WITH EVERY TRANSACTION. Income will be taxed at a rate of about 20%, and tokens will be classified as “other income” - such as lottery winnings.

[suzuya 945]

This is a really bad move, because other countries might charge taxes as well when their people use cryptocurrency for their transactions. Also the essence of decentralization is gone because government can now manipulate or have control on crypto.

[guatazoo 7150]

23 minutes ago, Emran01 said:

This is a really bad move, because other countries can charge for their transactions in addition to the cryptocurrency. Also, the decentralization is lost because the government is now in use.   

That is the best move we could ever get, either regulations or banning and regulations policies includes taxes.

[Rickso 768]

On 1/20/2020 at 7:37 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?

20% on each transactions are a bit high, so i don't like this percentage but i do like the fact that are taxes of cryptocurrencies. i mean it is right to pay taxes on them, like you pay taxes for any other things, but in this case 20% is too high

[Akbor 1042]

On ‎1‎/‎28‎/‎2020 at 7:21 PM, Dollar said:

The South Korean government is said to be considering imposing a 20 percent tax on income generated from cryptocurrency transactions. More-https://www.coindesk.com/south-korea-considers-20-crypto-tax

I think this is not a good news for the crypto trader and I think if the government want to take tax then they need to ensure the security in trading.

[mani982 286]

If south korea is imposing tax on bitcoin and crypto then this is good because they legal the crypto trading and this is good step of south korea government.

[MuhammadSh 3067]

in my opinion, it is better for countries to create their own crypto currency not imposing taxs for the transactions with crypto currencies!

[Hydroiix 63]

2 hours ago, kajijj said:

I think this is a really bad move, because other countries may also charge a fee when their country uses cryptocurrency for their transactions. The essence of decentralization is gone as the government can now control or control crypto.

Your point of view is really interesting because well as you said this might encourage others countries to do the same and if every countries is starting to charge a fee this may be the end of crypto investments.

[AmjadBydn 0]

I think its doing that because it know very well that the citizens are using cryptocurrency heavily ! so it has to take advantages of this ! or it will block using this currencies 

[Au996335 0]

But I think that it cannot control operations originally cryptocurrencies that are not under the control of countries or governments.

[AmjadBydn 0]

Yes , I agree with you and I think this tax isnt bad but in other countries , crypto is very easy to trade with it and they didnt ban it or imposing any tax 

[MCSGlegend 2210]

I think that traders who can leave South Korea will do it after this news, 20% is a huge tax, I think that many countries will follow this example and will also introduce a tax (as well as accept cryptocurrency)

[Epic 289]

Its easy to say that south korea will tax crypto trade but how will they implement it? Most trader dont even like kyc, so do they expect south koreans to declare their trade profits? If it was easy to tax crypto trade then all countriea would have implemented it instead of banning crypto.

[Nayan deka 317]

Imposing taxes on cryptocurrency is not a bad thing to do, as cryptocurrency is a liability assets so any Central Government can impose taxes also taxes are used to development of the respective country.

[McCree 713]

On 1/20/2020 at 8:56 PM, ananya7737 said:

Not hostile at all to be honest. It was never fair for crypto businesses to get away with paying less tax and it might have been a good strategy because people where definitely more interested in running crypto companies since the government was more lenient on them, but now it's time to face reality and pay up to the government.

Admittingly, that's how it is. Bitcoin and other cryptocurrencies may be privacy currencies but as more people convert their money into cryptocurrency the harder it becomes for governments to take a share of it. Governments rely on taxes in order to survive and there is no middleman in bitcoin for the government to issue a demand to pay it's share of taxes.

[Imaankhan 208]

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?

20% tax is quiet a lot but it is better than being banned. Tax may reduce in future as more countries are expected to allow crypto currencies.

[simizip76 67]

6 hours ago, Rashid Khan said:

It was never fair for crypto businesses to get away with paying less tax and it might have been a good strategy because people where definitely more interested in running crypto companies since the government was more lenient on them, but nowit's time to face reality and pay up to the government.

yes, also, if we think in terms of the usefulness of this currency it should be legalized by paying due taxes instead of being banned in certain countries. The business community can achieve a lot of benifits from this practice. 

[nicolas1234789 2566]

On 1/21/2020 at 1:37 AM, Moustafa said:

South Korea imposing a 20% tax on cryptocurrency transactions.
 

I know about this but I don't know about 20% taxes. In many articles the country still debate but more agree to give crypto transactions taxes but the number still in progress. Can you include the link because it's very interesting and might be could doing also in my country.

[sams 18]

This is very sad news for Korean user traders. They have to pay taxes for the business.