Quote from: Mauser on Today at 06:00:49 AM

Quote from: TNA on July 22, 2020, 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/

Unfortunately it was only a matter of time until countries start to tax crypto currencies. I think 20% is a little harsh, they could have easily started 10% and see their effects. Given that many countries don't have such high taxes yet, people might be inclined to switch to different exchanges outside of Korea. As with investing, taxes will play a big role in the future of cryptocurrencies. Losing out on 20% is very huge.

Government always look for benefits, if they'll see that this implemented taxes will work then expect for more to come.

It's always possible that this la will be adopted by other countries if this will successfully helps S.Korea in terms of collecting much higher taxes, we all knew that crypto is well adopted from S.Korea and if other countries also wanted to deal with it then expect that they will do the same.

Taxes will also let the government to look forward in embracing this system.