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India Raids exchanges, sends out notice to users
Some crypto users in India received this notice recently.. It speaks for itself. Tax is here, whether we want to accept it or not. Unless ZClassic, ZCoin, or Bitcoin private opt for 100% zero knowledge transactions as STANDARD.. There's no way around this.
Be safe. Prep your books.
https://twitter.com/ZMadon/status/955106595905585153
- ZMadon
Photo Credit: News.bitcoin.com
Korean Banks team up big data with crypto
The South korean government announced that 6 major banks are ready to provide crypto exchange services next month. Which requires users to share their data with banks.
an FSC official said,
Banks are expected to introduce the system, which will require cryptocurrency exchanges to share users‘ transaction data with banks, late this month or early next month.
This system will take place on Jan 30th. It is to record for taxation and is in accordance with Anti-Money Laundering guidelines.
As the government is able to access virtual currency transaction information, it will speed up taxation based on this information.
Photo Credit: cointelegraph.com
South Korea Tax Crypto 24.2%
This includes 22% corporate tax, and 2.2% local income tax.
This is in correlation, and a direct result of financial earnings report where south Korean banks showed commissions on cryptocurrency earned 36x more than traditional banking.
The announced tax % is in line with the South Korean normal tax code.
But, is this too high? This is not a business, this is an asset.. How would you feel if every time you moved your dollar 24.2 cents was taken out?.. I'm hoping to see some push back from the South Korean crypto community!
I'm Jeff, and I'm @followbtcnews.
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