Re: 🤔 South Korea introduces new tax on cryptocurrency exchanges

South Koreas government has reportedly imposed a tax on the domestic Cryptocurrency exchanges.

To be specific, they will be subject to a 24.2% tax (22% coporate and 2.2% local income taxes). According to Yonhap News Agency, the government is also requiring exchanges to share the transaction data with banks.

Tom Lee, a strategy analyst, reckoned there would be a dramatic drop in Bitcoin price down to $8,000-9,000, followed by a sharp increase to above $20,000 by the end of 2018.

This year is anticipated to be a rough, yet successful year to wise investors in this market.

RothscoinTeam.

If every transaction you made in trading would have additional 24.2 deduction for tax I think its to much expensive and a huge inflows income to the korean government. What if every cash out you made would have a 24.2% additional deduction for taxes I think it is quiet reasonable than imposing 24.2 every trading transaction you made your killing the crypto trader for that rulings Sad

Imposing that 24 percent on every trading transaction would kill the trading for many. Unless you're a whale who doesn't need to care.

I think 24 percent is for corporate tax which is govern by corporation big partnership and i totally agree with this but for local income tax 2.2% is quite good.