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❕NEWS South Korea indicates high taxation rate for cryptocurrency

Emoney

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South Korean government recently discussed a new crypto tax bill that will impose upon its citizen up to 20% capital gains tax on any crypto-related transaction. Not only that, an amendment proposal to the current law regarding crypto seek to change the crypto status from currencies to goods. If implemented this could cause overall slowdown in the country's crypto growth due to high tax rate.
 

Wisdom01

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Well I won't blame the government because the pandemic has really affected many countries economy ,and every country are finding means to tax its citizen to sustain the economy
 

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I don't think this proposition has anything to do with pandemic since if the bill pass then it will be permanent. The government seems want to somewhat limit the growth of crypto through heavy taxes.
 

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If the government wants to limit the growth of crypto through tax , its going to affect most of their citizen who are trading crypto, but why is it during the pandemic and not before , I think is a means of generating more funds
 

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If the government wants to limit the growth of crypto through tax , its going to affect most of their citizen who are trading crypto, but why is it during the pandemic and not before , I think is a means of generating more funds

Because making a new law is a time-consuming process? It could take years to make a new law in some countries, and there's still many countries that don't even have any law regarding crypto.
 

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Yes they do make law at any time they want to , but why was the law made during this pandemic , even my country is really increasing the tax rate on an high voltage
 

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It is a tactics to discouraged crypto currency activities in the country but I believed this can only be achieve tax levy when they want convert crypto to their fiat currency so people can decide to change their crypto to $ then withdraw in their local currency to boycott 20% tax.
 

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bold moce, as they know because of todays situation lots of people are earning online especially on crypto so they are taking advantage of that, it might backfire on them though
 

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The main issue is if they will be able to monitor the entire people in their country earning Crypto currency. I wish to ask if this country has legalized crypto currency in the first place.
 

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haha this is a totally trash move.. with this kind of move can make the bitcoin price fall in the future.. because are some who won't be able to pay that tax fees.. anyway it has not gotten to that extent in my country.
 

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It is a tactics to discouraged crypto currency activities in the country

Near correct, but it's more like the tax is to limit crypto transaction.

Yes they do make law at any time they want to , but why was the law made during this pandemic

The law hasn't passed, the title already self explain it. "Indicates" here means hinting, nothing is sure yet.

I wish to ask if this country has legalized crypto currency in the first place.

Yes, Cryptocurrency in South Korea is completely legal.

with this kind of move can make the bitcoin price fall in the future

I doubt it since South Korea is not that big of a market for crypto.
 

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I hope the law will be reviews so that percentage tax will be reduced to a single digit number, Crypto is creating sources of income to many it should be encouraged.
 

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This is not good at all I hope some countries don't follow the trend ,atleast countries should show support for crypto because it generate employment opportunities
 

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This South Korea had initially pumped in $3.1 million for blockchain projects so I am surprised that this kind of law is been proposed , won't it be like a waste of the $3.1 million because people will be discouraged with 20% taxation
 

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Yeah I saw the news also they should lower the taxation to like %2 because many people will not be encouraged to do any crypto related transaction
 

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Imposing high taxation on crypto currency transactions in South Korea is a way to retard it growth in the country as many people will try to boycott using cryptography currency to perform transaction. This will also minutely retard crypto's growth world wide.
This is definitely their target except they come on air to justify why they are proposing such high tax or they drop the idea and allow free flow of Crypto currencies activities as it is .
 

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In US the tax rate for crypto varies from 10% to as high as 37% for wealthy individuals. Tax is inevitable, even for crypto enthusiasts. Oh and btw, normal tax rate in South Korea is 42%, so this crypto tax is still low when compared to the national tax rate.
 

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This is true because in my country Nigerla tax varies between 7% to 30% but Crypto currencies been a new investment opportunities should have some tax wavers for a particular time to encourage enthusiasts.
 

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Crypto currencies been a new investment opportunities

Not really true since crypto has been around since 2009 and in highly advanced country like South Korea crypto investment has been embraced for years now.

for a particular time to encourage enthusiasts

There's no need to encourage enthusiasts if there's already a decent sized crypto userbase in South Korea. This is just a hurdle South Korean government enacted to limit crypto since it's hard to monitor it.
 

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Not really true since crypto has been around since 2009 and in highly advanced country like South Korea crypto investment has been embraced for years now.



There's no need to encourage enthusiasts if there's already a decent sized crypto userbase in South Korea. This is just a hurdle South Korean government enacted to limit crypto since it's hard to monitor it.
Since there are more Crypto enthusiast already those who will survive the hurdle will surely do. If electricity there is cheap miners will still survive it.
 
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