South korea imposing taxs on crypto traders !

[bean 515]

The imposing of tax on crypto traders is not bad cause other currency trades , traders pay taxes on it and this will legitimize crypto more in South Korea  now cause crypto will be more of a recognize asset.

[Afrizal rahman 2636]

Taxes are needed in every country. I think there is a reason Korea does that, maybe there are many Crypto users there so they tax. Taxes exist to develop the country, I think other countries will do the same.

[Opinder 1310]

On 1/21/2020 at 12:07 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?

Although it would reduce traders income but they would work without any fear of banning crypto. In future more countries would follow this because people are crazy about this and governments would take benefit from it. Otherwise without tax governments would not accept crypto. And people would be ready to pay tax to get legalization of crypto.

[samislam 403]

i don't have the idea about increasing the tax.i think they may have economical problems of something.but i am happy that at least they have the permission of crypto trading because it is more effective if the county banned this.i hope others shouldn't increase the tax like this because it will decrease the trading ratio

[Syedbesharat 5423]

2 hours ago, McCree said:

20% on all cryptocurrency transactions is a lot of money since these will mostly be hundred dollar transactions. They quickly eat away at any money you may have. For example, transacting $100 dollars five times under these rules will leave you with only $32 so two-thirds of your money is gone.

That is nice example of tax implication impact of traders.I also do trading and the taxes some time kills me.I have to pay for moving my money from one place to another .

[Sapdrx 469]

That's a lot of taxedfor trading. In my country they only tax crypto assets. But as they do not have access to my wallets they just ask me what assets i have in crypto.

[Oxygen 1004]

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?

Tax implementation is a anoying thing for crypto currencies. But one thing is better that due to tax implementations crypto currencies would have adoption ease in south korea and traders and users of crypto currencies can openly trade and use bitcoins and all other crypto currencies. I think there could be no issue in paying tax as we already paying taxes on fiat currencies usages.

[guatazoo 7150]

9 minutes ago, highplur said:

In my end, this plausibility will apply in severa international locations because the government increments its salary by way of burdening Crypto and this may have a terrible have an effect on on Crypto.

Yes it will all countries will seek fir taxes on these exchanges and in the end all exchanges will add KYC order to pay taxes according to how many users from a particular country.

[Soaib khan 1035]

It is not good for crypto world because crypto currency tax free currency maybe if in future all countries add taxs on crypto currencies I hope southkoria remove tax.

[duncun007 3577]

9 minutes ago, LouisHamm said:

Is that really true? So how do they put the taxes on every each of transaction? You mean like the taxes are in the exchange traders uses? When they make some transaction the exchanges will included tax? Is that how it is? I think this is one of the way South Korea take to control cryptocurrency.

no thats not how they do it because they dont own exchanges to impose taxes but when tax season comes they will take a cut of your whole profits as tax.

[khan22 3478]

They are doing good and it will best for the peoples that they use the crypto coins easily and they can also buy and sell things through the crypto becasue that is legal in their country and i hope in all over the world will soon crypt is legal.

[Tasrif Hossain 271]

In my opinion North Korea has done a very good job and has figured out different ways and I think that can have a lot of impact on the current world as it is currently exploring ways in different countries how they are from cryptocurrencyGet it .And that's a very good point I think

[Ufra 197]

I think that the. Cryptocurrency is a global online currency. If the south Korea regarding taxes but. The traders cam get complete their method by private features.

[Gafar 63]

This is a very bad thing. If all countries impose these rates, it will be very difficult to trade again. This is a very high percentage and it should not be present in my personal opinion.

[Hendy1 370]

I think that's for their biggest bitcoin mining. Yes, I found no tax for trade investors with a 20% tax per transaction fee. I think it's the cost of withdrawing crypto to Fiat which costs 20% for each withdrawal. I have found one of the biggest bitcoin mines, one of which is in South Korea, maybe the government is implementing a tax system for bitcoin mining.

[Fadimah 191]

On 1/20/2020 at 7:40 PM, Oxygen said:

I think it is better to implement taxes on bitcoin and other crypto currenices instead of it is being banned by governments. We can get lot of benefits from crypto currencies, but the rate of tax should be little cheap as compared to fiat currencies tax.

Yes I agree with you on this. It's better for them to include tax than stopping it completely. The tax fee is too high in my point of view.

[Irungu 4299]

I have not even heard of it that way but there is a chance that it is one of the best way to which its trying to take hold of something that they dont want to get out of hand, there is also plans to offer it as a stock or derivatives in south korea, its also important to work as hard and put together as the stand of the choice for them

[Muhammad ayyan 811]

Is this true? I think that it is good for  South korian.but it is bad news for South korian traders they may be disopinted. This could impact the trading  paying 20℅  tax sound difficult not possible for every one.

[ShakilA 373]

This is very sad news for traders of Korean users.Now they can paid taxes for trading

[Robot 93]

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

[Nayem Hasan 57]

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[BTC Future 3946]

On 1/20/2020 at 8:37 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 transaction is something really extreme. If this is true then it is a method to stop the expansion and use of cryptocurrencies in whole of South Korea. This will take crypto out of the competition as noone would want to pay such high fee. I don't understand how a hi-tech country as South Korea can take such a terrible decision.

[Tine0313 3053]

When tax exists well there are existing laws about it so i think they starting the legislation movement on bitcoin that's why they added tax on bitcoin transactions.

[Hanan951 841]

Better than banned , always see the bright sight of that. They accepted the cryptocurrency good move.. 

[Ali_hmwi 966]

that will be more great than make the cryptocorancy banned there that is really great, and you know government love tax alot. 🙃