South korea imposing taxs on crypto traders !

[Mcd0d0 5882]

On 5/2/2020 at 6:42 PM, Kutulay said:

Hearing this, I was shocked because I think that a 20% tax is too much for users who are trying to make money trading cryptocurrencies. Secondly, it will also become an obstacle for the economy, especially for Crypto. merchants of this country.

Yes mate, this is a huge tax putting on it because in other countries like Switzerland, they're adopting cryptocurrency and putting some taxes by just 1% only, but i think there are still people buying it to support cryptocurrency and their country to increase it's economic status.

[Iriswolfgang 200]

On 1/21/2020 at 2:37 AM, 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?

I think they should create decentralized cryptocurrency so that the government will not impose taxes to the people of China and I think that they should not put taxes on them because people are earning by their own work so they don't need to have taxes

[BTC Future 3946]

On 6/15/2020 at 7:45 AM, Iriswolfgang said:

I think they should create decentralized cryptocurrency so that the government will not impose taxes to the people of China and I think that they should not put taxes on them because people are earning by their own work so they don't need to have taxes

Seriously dude, what is this? The subjet is Korea not China. Also you talk about creating decentralized cryptocurrency? Do you perhaps meant to say exchange?

This is why everyone should be reading his post again after submiting. You might have been tired and didn't notice.

Edited July 6, 2020 by BTC Future

[Dark_Sky 8489]

On 1/21/2020 at 2:37 AM, 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?

Maybe they doing that to get some funds just like a normal tax do. 

I think that's possible for some countries to ask for some taxes when doing a cryptoworld transaction in the near future. 

[Sruthi246 59]

I didn't know if it was true. As far as I know crypto currency has not acquired government ownership in any country. If this is true then it is not good news at all. Because then the exchange will have to pay a lot of taxes and the amount of crypto will be reduced.

[Young001 155]

South korea is a good country but I think they are trying to discourage people from going into cryptocurrency trading, I don't think that many other country will follow after their footsteps.

[sharostamim 25]

Maybe, much country will do it in future. Cryptocurrency transaction also a money transaction method. So, every country reserve the right to  imposing task.

[Solex 2262]

I think South Korea did that so that they will be able to generate some revenue from the traders since they are also benefiting a lot from trading coins and from my own point of view imposing like 4-5% will be good but 20% is too much, what do you think friends?

[Tannah 1228]

From my thinking, i think it is not bad at all. The online traders of south korea earn a good amount of cryptos every month or year. They can afford it easily. But the small traders have some possibility of suffer because the amount of tax is little bit higher.   

[estee369 489]

How they are going to implements this? What about those exchange that are operating from that country?

[Sarahden111 1231]

It is a smart move from Korea, as it did not prevent the pioneers of this market or fight crypto, but rather worked to take advantage of it and put it under a specific tax system. In my opinion, it has thus contributed to providing its national economy with a new source of income and has a giant future.

[Guru2050 8284]

If truely some countries are  Imposing tax on Crypto currencies, then this left me with no answers to some contemporary questions crossing my thoughts. And this is contrary to real meaning of Crypto currencies and it's unique feature that is stated as being decentralized in nature.

 

Looking forward to more clarification from great minds with clear and vivid explanation!!!

[Brushless4500KV 4214]

With more countries joining crypto tax every day, the traders will lose interest in crypto trading all over the world. If this story goes on, soon traders will have to look for some ways to hide their transactions to get away with taxes. I think those countries who don't take crypto seriously, are less likely to impose taxes and people in these countries can enjoy net profit. With the implementation of taxes, traders should try to earn more from each transaction to compensate for the taxes + fees.

[koussai999 1986]

I do not know what you are thinking. I think it is a wrong choice because it will have a negative impact on investing cryptocurrencies from that place. I think that countries should encourage the matter, not stand in its way.

[TimopheyKa 3900]

Wow, this is serious business! But it seems to me that Korea is a very active participant in the crypto industry and, in order to preserve security and the economy, the state decides to introduce a tax so that everything is fair, and equally!

Edited August 21, 2020 by TimopheyKa

[Alex9876r 1408]

I read an article that Korea has changed the tax law to include the platforms for trading cryptocurrencies, which were not covered by the tax law and in my opinion, these taxes will first increase the platform fees for its users and secondly, a good thing for the state, as these taxes are considered a source of income for them and for users it is legislation using cryptocurrencies and trading in them free.

[bhaiegoo 1517]

Brother we should do good for our countries. If our countries take taxes from us it will be give a good return. Our country will become strong economically and it is better than banned. 

I think it is good because everything should be in focus of our government. 

[CryptoDemon 370]

On 1/21/2020 at 2:37 AM, 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?

Exposing tax is not a problem and we should accept it because it can be the way to legalize the crypto currency on their country. I hope that mass adoption may occur even if there are some countries that is exposing a tax on it.

[Projectcrypto 4382]

I think Korea imposing tax on there traders is not something bad because that tax will only serve as a revenue to help boost the economy of the country but I think 20% will be too much for small traders who have less crypto to trade and i am sure that is thesame thing that will happen in the future when any country legalize Cryptocurrency to the citizens.

[Chief executive officer band 681]

earning on your crypto sales you be supposed to recompense taxes to the government, hence the South Korean management is liability the authentic craze for their economy, crypto traders achieve funds on the trades therefore like several other issue they must pay taxes

[muniral4422 185]

This is one of the ways that governments want to gain control in the crypto world. However they should know that there are decentralized exchanges and we don't have to use these ones they are trying to use to control us. Crypto was created to ensure anonymity and not to disclose it. However those that don't mind can continue using this centralized exchange.

[Sugibengi 390]

On 1/21/2020 at 1:37 AM, 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?

I think the 20% tax for every transaction is big, considering that if the transaction is a bounty hunter, I think it is too high and I don't agree with the 20% tax. For some reason South Korea imposes high taxes on cryptocurrency transactions, of course this will reduce the use and transactions of cryptocurrency there. I think in the future there will be many countries that give taxes to everyone who transacts cryptocurrency.

[Chief executive officer band 681]

This is extremely rare technology from Korea, as countless countries in the humanity they limited the cryptocurrencies treat for the reason that they don't make out how they can took taxes from traders of their country. 

[Digital 387]

There is a reason why South Korea did that even though not all countries adopt the system but there is nothing bad in imposing tax to traders on every transaction but reducing the percentage to %5 will have been much better so that traders will not be over burden.

[Chief executive officer band 681]

3 hours ago, Digital said:

There is a reason why South Korea did that even though not all countries adopt the system but there is nothing bad in imposing tax to traders on every transaction but reducing the percentage to %5 will have been much better so that traders will not be over burd 

Taxes compulsory by a quantity of countries will assume natives who dole out in cryptocurrencies and present them not aim to work because of the deficit that may suggest itself straight to taxes.