Quote from: RealMalatesta on Today at 10:03:56 PM

Quote from: TNA on Today at 01:36:09 AM

It's been a long time coming but it looks like they're finally here. Crypto taxes in South Korea.
Took them long enough. Honestly they don't look that bad. it's better than the capital gains threat that was being thrown around for a while.
20% on gains, minimum threshold is $2k/year, filed under income tax, starting October 2021.

https://thenews.asia/korean-crypto-tax-amendment-sent-for-review/

I see this as both a win and a lose for people. Now there are methods to do this that could make it better, but if the government is taxing bitcoin (or generally crypto trading) that is a way of saying "we see crypto and we agree that you should use it and trade it and we support you" because they are taxing it and when a government taxes something they are making it very legit, you can do whatever you want in crypto world in Korea and you will not face governmental backlash.

This is the good part obviously, the bad part is, if they do not charge it yearly, that means you could make a trade, profit, pay taxes, and when you do another one you lose and you do not pay taxes and now you are in trouble, so it has to be yearly and has a set date beforehand in order for people to prepare themselves for it.

for me its better if we can remmit our tax earlier than a year like monthly or weekly , in that way it wont be too heavy for us to pay just like what we did on our other payments .

there is no bad side with this , only good because crypto are now going to be supported plus crypto users can do something good with thier money in the form of taxes instead of using those money for other useless things that arent beneficial to thier country/economy .