South Korea Crypto P2P Trading Hits New Highs as Regulators Debate Taxation

[waybesuricata]

P2P crypto trading has hit a new all-time high in South Korea, data from LocalBitcoins shows. The jump in P2P trading comes at a time when there is a lot of uncertainty surrounding regulation in the country.

Peer-to-peer trading of cryptocurrencies in South Korea is hitting all-time highs as regulators offer some ambivalent comments on regulation. Data from LocalBitcoins shows that over 353 million in Korean Won was traded in the first week of November. This is a significant jump from previous weekly volumes.

Pondering crypto tax
The increased interest in P2P trading comes as regulators are working on implementing a regulatory framework. South Korea, already one of the leading governments when it comes to cryptocurrency market regulation, is doubling down on its bid to prevent any illicit activity.

The high P2P volume may be a result of investors seeking to make the most of their capital as regulators bear down. Recent reports have indicated that there is some confusion among investors because of the lack of clarity surrounding regulation.

One of the primary issues is the implementation of crypto taxation. South Korea officials announced that it would tax the asset class, to the tune of 20%.

But lately, reports have suggested that there could be a change or complete repeal to this taxation scheme. The taxation law will come into effect in 2022, though it remains unclear about what specific form it will take.

NFT regulation is also throwing more confusion into the mix, as the Financial Services Commission (FSC) said in early November that it would not subject the special asset to taxation. However, later, the Vice Chairman of the organization said that tax provisions would be made for NFTs.

Source and continuation of news: https://beincrypto.com/south-korea-crypto-p2p-trading-highs-regulators-debate-taxation/

[codehash]

Everyone who evades taxes wants to hide their money. States collect taxes. Citizens want to evade taxes. Cryptocurrencies are a good way to avoid taxes. If South Korean citizens who do not want to share their profits attack cryptocurrencies, Bitcoin becomes 100 thousand dollars. A new rise is coming. I am feeling. I am ready.

[TomPluz]

I just noticed that many governments all over the world have find it really hard to deal with cryptocurrency hence they are sending many confusing signals for people to pick up...and we are seeing it now on  South Korea which have become a very important cryptocurrency market for the past many years. And the biggest reason can be because up to now many governments don't fully grasp what is this industry all about and how they can be helping it and thereby gain some good benefits (in terms of taxation, primarily) from it. Hope that at the end of the day, things can settle well in this South Korea crypto market otherwise there can be a loss-loss situation crypto enthusiasts have to deal with.

[Bobcrypto]

I just noticed that many governments all over the world have find it really hard to deal with cryptocurrency hence they are sending many confusing signals for people to pick up...and we are seeing it now on  South Korea which have become a very important cryptocurrency market for the past many years. And the biggest reason can be because up to now many governments don't fully grasp what is this industry all about and how they can be helping it and thereby gain some good benefits (in terms of taxation, primarily) from it. Hope that at the end of the day, things can settle well in this South Korea crypto market otherwise there can be a loss-loss situation crypto enthusiasts have to deal with.

You are very correct, there are no clear road map for many countries to actually work out a tax frame work or even regulations on cryptocurrency hence there are several kinds of crypto regulations tensions. It is very difficult to carry out this regulations on crypto, unfortunately we hear of many kind of bans especially from China. Many of this countries has no visible strategy to tax crypto users, and even regulations is still poss a difficult task for them. Let see how this taxation, regulations play out in near future.