Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: Tnoy30 on June 24, 2020, 03:51:31 AM
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South Korea economist worries that tough regulation would slow down crypto’s growth.
The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology’s emerging market, according to Koreatimes on June 21.
Sung said that taxing the crypto market while it is still in its infancy is a “premature” decision. He worries that tough regulations or taxation may prevent the crypto industry from flourishing in South Korea.
Read on: https://cointelegraph.com/news/south-korean-economist-warns-new-tax-laws-may-slow-down-crypto-market-growth
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It is only natural for the government to decide on policies that can increase foreign exchange for the country, because we know that crypto in Korea is quite advanced and surely the authorities there know quite a lot of fund turnover from the crypto sector. if a tax is imposed it will certainly increase foreign exchange reserves from the crypto sector.
actually for crypto activists precisely by imposing taxes indicates the government's concern for crypto and can participate in helping the progress of crypto in that country. there is more positive side than negative side if there is a role for the state there.
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South Korea introduced taxation on profits from cryptocurrency, as far as I remember, at 15 percent. This is not too harsh taxation. Therefore, I think that the economist's fears are in vain. If the state imposes taxation, then it is also obliged to take measures to protect the rights of cryptocurrency users.
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South Korea introduced taxation on profits from cryptocurrency, as far as I remember, at 15 percent. This is not too harsh taxation. Therefore, I think that the economist's fears are in vain. If the state imposes taxation, then it is also obliged to take measures to protect the rights of cryptocurrency users.
The purpose of applying taxes to each crypto transaction is to increase the country's foreign exchange reserves but as a crypto activist, it is clear that the assistance and validation of crypto in that country is certainly very helpful and there is no concern for crypto protection in that country. but the tax is quite large, it seems that maybe don't know how it is in other countries where there is already recognition.