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[Balint098]

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.

 

[Fahadkv]

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.

A great information sir you shared. Thanks

 

[Fahadkv]

Great information

 

[Josemendez]

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.

Few minutes ago , I commended south Korean government in a post for funding block chain project .
Seeing this now makes me feel that , there is something fishy about their support to cryptocurrency .
I hope they reconsider this decision .

 

[Balint098]

Few minutes ago , I commended south Korean government in a post for funding block chain project .
Seeing this now makes me feel that , there is something fishy about their support to cryptocurrency .
I hope they reconsider this decision .

https://www.beermoneyforum.com/thre...lockchain-startup-projects.72321/#post-649868
You mean this funding?

That was announced in March. A lot of change can happen since then. Besides the tax department and Ministry of science are two separated organization.

 

[Josemendez]

https://www.beermoneyforum.com/thre...lockchain-startup-projects.72321/#post-649868
You mean this funding?

That was announced in March. A lot of change can happen since then. Besides the tax department and Ministry of science are two separated organization.

Indeed they are two separate departments , but functions under one government, and should at such liaise with each other when taking decision that connect the activities of the two departments.

 

[microunit]

Few minutes ago , I commended south Korean government in a post for funding block chain project .
Seeing this now makes me feel that , there is something fishy about their support to cryptocurrency .
I hope they reconsider this decision .

well with the money blockchain projects are making now, they are also taking advantage of those by upping the taxation, which in itself can be a double edge sword, considering they also helped fund startups

 

[Josemendez]

well with the money blockchain projects are making now, they are also taking advantage of those by upping the taxation, which in itself can be a double edge sword, considering they also helped fund startups

I think you have a point here . they believed that the blockchain projects has became so successful that they want to benefit from it too .
I hope both cryptocurrency users and blockchain project owners will be able to meet up to the taxation.

 

[Balint098]

Well, if they dislike the tax rate they can always stop using crypto and stick with only fiat money. Besides this is just merely a proposal, nothing has been set on stone yet.

 

[Josemendez]

Well, if they dislike the tax rate they can always stop using crypto and stick with only fiat money. Besides this is just merely a proposal, nothing has been set on stone yet.

Lol. Don't forget that some of them depends on online earning for source of income , and mostly when it comes to online earning , you can't fully escape cryptocurrency deals .

 

[Balint098]

Don't forget that some of them depends on online earning for source of income , and mostly when it comes to online earning , you can't fully escape cryptocurrency deals .

They can always get their payments through Paypal, Payoneer and other payment processors. And why do you always assume everything is involving crypto? Many freelance platforms still don't accept crypto as payments.

 

[Ewogboka]

May be the continuous acceptance and advancement in crypto currency in countries like Russian, Iran, US etc will make them reduce their tax to encourage their citizens.

 

[Niftyicon]

The South Korean government putting such high tax rates out there will simply discourage an average citizen from investing in Cryptocurrencies.