Quote from: OliverChassa on December 08, 2017, 09:52:51 AM

With cryptocurrencies on the rise, more and more authorities are considering introducing taxes on virtual currencies. The latest one I have been reading about planning to do so are the South Korean ones.

As introduction here, it is worth mentionning that South Korea is actually the worlds No. 3 market in Bitcoin trading, after Japan and the U.S., and the largest exchange market for Ether, Ethereums cryptocurrency, accounting for more than 33 percent of its market share. The country is also home to two of the top 15 global digital-currency exchanges (Bithumb and Coinone), both of which have built walk-in centers where investors can conduct transactions in person.

But as in many other countries, South Korean authorities are very cautious about cryptocurrencies. In September, the countrys Financial Services Commission (FSC) ordered a ban on ICOs, while only that month start-ups there managed to raise about $89 million in digital token sales. Unlike China, South Korea has yet to implement its ICO rule and did not make companies return ICO funds. It also continues to let Korea-based investors put money into foreign ICOs and digital-currency exchanges to operate within its borders.
So, in addition to the ICOs ban, the FSC has in mind to introduce a value-added tax, a capital gains tax, or both on trades, with the help of financial authorities.An official decision is expected within the first quarter of 2018. If the plan gets implemented, South Korea will become one of the few countries to tax cryptocurrency-cash exchanges. Among the few countries doing so, so far: Germany and Singapore.
Besides, the FSC has also in mind strengthening the KYC policy by making it compulsory to collect users transaction data.

As regulations in every country, South-Koreans will probably find a way in order to avoid heavy taxation if such would apply. There are always other solutions, especially when money is in the game :-)

They won't be the first doing it and neither the last, sadly that's what goverments are doing right now, ban bitcoin or start eearning by taking people who is the crypto currency, this make me sick.