New Rules for Crypto Taxes might be in Effect Soon

in LeoFinance3 years ago

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I have stated before that South Korea is currently under the phase of regulating their Cryptocurrency Space with stringent regulations and yes it is not up to taste for most Cryptocurrency users but I for once was happy that at least their government is willing to come to a mutual ground and regulate the space before it's too late. In one of my posts, I even told that regulations will definitely be tough and once some regulations are put in place then we can maneuver through them slowly and methodically. But now the South Korean Government is suggesting something that I just can't support at all.

They want to grab Cryptocurrencies out of People'Wallets that Evade Taxation.

I am a pro-tax guy, in fact, I just paid my taxes including Cryptocurrency Taxes today and filed my ITR but to just have the ability to simply grab Crypto from people's wallets sounds like Daylight Robbery to me. Yes, paying taxes is important and if someone doesn't pay you should take steps against them but this is definitely not the step to take. It's like taking money out of someone's bank account if they failed to pay taxes without their consent.

Sounds like Bank Robbery to me.

South Korea has a proposal to implement 20% taxation on Cryptocurrency Gains and truth be told I am ok with this but not the fact that the government gets the power to just Rob People in Broda Daylight.

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