Whats your take on the tax move by the government on crypto owners?

[OptimusPrime]

​​South Korea Might Re-Categorize Cryptocurrencies, Imposing A 20% Tax On Gains

South Korea one of the most progressive nation in terms of evolving technology adoption might impose a 20% tax on crypto gains in the country as per a report published by a local daily, The Korean Times. The Ministry of Economy and Finance has asked the Income-tax office to review the crypto taxation plan as well.

https://cryptoworldnews.us/south-korea-might-re-categorize-cryptocurrencies-imposing-a-20-tax-on-gains/

[Noverteno]

The article states that although South Korea was one of the first to introduce cryptocurrency, so far no tax has been determined and levied on this type of activity. Of course, sooner or later, all states will consider the issue of cryptocurrency taxation and this is quite normal. True, these taxes are too much for a 20% tax. However, this is only an offer and information on this has been obtained from an anonymous source. Let's hope that the real tax rate will be slightly lower.

[vaysar]

The tax services of many countries will now have a new industry for collecting taxes. And this will affect the intensity of development of the crypto industry in these countries. South Korea set 20%, and Ukraine 18% and 5% for individuals, I think this industry will develop more successfully in countries with a minimum percentage of tax revenues.

[trauchot]

In South Korea, everything is very strict with cryptocurrency and therefore there are very few fraudsters working in the cryptocurrency sphere and therefore it is almost safe to work in the cryptocurrency sphere, but the prices for everything in South Korea are very expensive and therefore the cryptocurrency tax is also very huge and there is nothing will do.

[Zemytha]

Good move. That way the economy in South Korea can go up because of a tax on crypto owners. Passive income from taxes can be used to progress the South Korean country. This is the right step. Other countries can imitate it for the progress of each country.

[masterrex]

​​South Korea Might Re-Categorize Cryptocurrencies, Imposing A 20% Tax On Gains

South Korea one of the most progressive nation in terms of evolving technology adoption might impose a 20% tax on crypto gains in the country as per a report published by a local daily, The Korean Times. The Ministry of Economy and Finance has asked the Income-tax office to review the crypto taxation plan as well.

https://cryptoworldnews.us/south-korea-might-re-categorize-cryptocurrencies-imposing-a-20-tax-on-gains/

In my opinion any countries in the world has the right to impose taxi's on its citizens who owns a cryptocurrency, because it can be a possible source of government revenue as well and the money that was collected from cryptocurrency tax can boost the fundings for social services and for the welfare of its population.

[Master107]

There are two sides:

1: Good Side - cryptocurrency is getting serious that impress the political powers to move and impose taxes. It will benefits crypto people to take cryptocurrency seriously and possible the scam project will come out.

2: Bad side - testings of protocol is not yet developed.


The security, tracking device, codes, people, components and the team and some collaboration to other parties to take this into action is quiet hard. Partnership, Trust and honesty matters.

[corr]

I think if you introduce taxes on the crypto currency, it will attract attention to this area. On the other hand, I do not like what they will take from me. The state has not given me a job or knowledge in the cryptocurrency field ... I am not ready to pay taxes. Let them levy taxes on those who earn a million in cryptocurrency

[aiviaa485]

The tax is very large and difficult to realize against the Korean people because the tax with 20% is very large and that I think is wrong in the initial assessment.
I'm sure maybe someday the tax will drop to 10% because the value of 20% is very large.

Just imagine with 5000 USD (in Bitcoin)  if you charge a lot of 20% it is almost around 1000 USD (in Bitcoin) , 1000USD is a great value if you take it from 5000 USD.

[Andruha1993]

Yes, this is very sad news. But in our country, more precisely, in my city there is no cryptography tax yet. But the government wants to accept it and it doesn’t make me very happy. Because I don’t earn so much, but I’ll also need to give part of the profit.

[Delgboke]

The government that's against cryptocurrency adoption how come are they demanding for tax payment from the cryptocurrency owners, if at all the government has actually legalize cryptocurrency project to be recognize globally it would have been better taxing.

[Alcor]

The tax services of many countries will now have a new industry for collecting taxes. And this will affect the intensity of development of the crypto industry in these countries. South Korea set 20%, and Ukraine 18% and 5% for individuals, I think this industry will develop more successfully in countries with a minimum percentage of tax revenues.

I have not yet seen anywhere that in Ukraine they plan to introduce 18 percent of the tax on profits from cryptocurrency, I think this is for legal entities, as well as 5 percent for individuals. If this happens, then overall it will be very good. Five percent of the profits can be paid. It will not make much sense to evade tax. True, so far these are all plans. Let's see what will be written in the law itself when it is adopted.

[Altcoin1998$]

Very good decision sounth Korea tskes tax on cryptocurrencies ownership. I support this rules in cryptocurrency sectors. If our government stickly maintain the rules of cryptocurrency regulations then it would replace the banking systems and services. So cryptocurrency keep from others restrictions.

[Nestle]

Taxes on crypto provide benefits to countries that provide permits to transact using crypto. But if the amount of tax is high, people might think of having crypto. I disagree with the high tax amount.

[Fenix]

The introduction of a tax on profits from cryptocurrencies is necessary and inevitable. We should be normal towards this process. However, a high percentage of the tax will drive the use of cryptocurrency into the shadows. Twenty percent tax is a lot. The South Korean government may even lose more from such a high level of taxation than profit.