Woh! Quite a lot of FUD today. But is it really FUD, or is it just everything we knew would come, and markets reacting irrational as always?
South Korea to tax crypto exchanged 24.2%
Local news Yonhap reports that south korean government has announced today that they will be collecting a 22% corporate tax and a 2.2% income tax from the country's crypto currency exchanges.
This is of course regulations, which we all knew would come. If this freaks you out of the market - good bye. In Norway every person and every business must pay this as well, even on cryptos. But like the "underground" debate in Norway..how are they going to tax us if we don't convert to your scumbag fiat currency? Right. You can't. Listen..these are the kinds of regulations Governments MUST do. And if this is all they are going to do - put some taxes on it? Pfft..we're going to moon. This is not the same as BANNING. This is regulations. And we know they are coming. Sure, we can try to avoid paying taxes (of course I wouldn't tell anyone to do something like that!) or develop better systems for not having to convert or pay in fiat. But as long as you are taking out profits from cryptos into fiat, you must follow their rules and pay taxes. So must businesses. That's just how they roll. They're not going to give us any free passes.
Korean exchange Korbit halting deposits from foreigners
Korbit announced that they will introduce accounts attached to users identities as ordered by local regulators - in a move aimed to calm speculation in the crypto market as well as money laundering.
https://www.coindesk.com/korean-cryptocurrency-exchange-korbit-halting-deposits-from-foreigners/
IMF calls for international cooperation on cryptocurrencies
The international monetary fund (lol..rather international scumbag fund for FIAT) has called for global coordination on cryptocurrencies, WARNING of the risks of surging cryptocurrency prices.
When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It's important for people to be aware of the risks and take the necessary risk-management measures
Yeah yeah..we know the risks. And we certainly know the risk of steadily losing monetary value with your inflationary fiat-currency. Thanks, but no thanks. Go regulate your own psychopathic tendencies or something instead.
https://www.coindesk.com/imf-calls-for-international-cooperation-on-cryptocurrencies/
And all these no-news IMO, is the reason markets are falling now. What a great buying opportunity for people not yet loaded. I wish I had some Fiat to convert right now..but I haven't. And that's it peepz! Regulators want to regulate. Didn't you know that? Is this why you're selling? You do realize this is what governments and banks do right? They've been doing this for 1000 years. They're not just going to roll over and die because we all of a sudden can send each other digital money.
Another great opportunity to buy some cheap coins....
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@ scandinavianlife It is really good the way you are giving a good art message to the world. I love this your art activity. excellent
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Yeah, it's pretty amazing art I'm doing.....lol
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What scoundrels are the politicians, tax income by cryptocurrencies? ha! Well, it's like you say, as long as our earnings are kept in cryptocurrencies, there will be no problems. Maybe it's a good thing for cryptocurrencies. But if they continue to move forward with this kind of gradual regulation, and we accept it passively, then they will end up ruining everything as always.
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In Norway I think we actually have to pay tax from each trade on cryptocurrencies..wherever that is. I mean...
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Woow, what a bad thing they are made to pay so many taxes, I thought that the government of Norway pays most of the bill with the oil revenues.
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Nope :)
That's a fund. Actually it's such a big fund that it's owns more than 1% of all the value in the world.
They use 1% or something annually to cover expenses. But that's less than they make on investing it a year. I think they are usually up 10-15% yearly. All the money from oil revenues over 40 years is in real estate and stocks all around the globe.
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That's very prudent of Norway.
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Exactly, I understand that Norway manages a sovereign fund that exceeded the trillion dollars, that is, you have managed to invest oil income not like here in Venezuela where everything was subsidized with oil. But I thought that the interests of that fund were enough to pay the bills.
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Very insightful write-up...think going to stabilize soon hopefully.
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A lot of stuff going on, it is a bloodbath! Seems to recover a bit in the last 15 mins though.
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@scandinavianlife hopefully things pick up again as quick as they did last time... BTW just wanted to let you know that I nominated you take part in the 7 day Black and White Photo Challenge in my last post.
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I enjoyed reading this, thanks first and foremost
I wish I had some fiat to come in right now ;)
I'm all in, and go STEEM! :)
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Cindicator (CND) <-- the bright light this morning. But leveled out now.
Going to be a few weeks before the FUD is gone.
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I agree, it’s normal for the traditional system to put some friction in the people that wants to use crypto as a way of exchange value.
I don’t think people selling their crypto for this reasons are doing the right thing. This technology will succeed no matter what. And everyone of us will benefit thanks to it.
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This post has received a 5.49 % upvote from @booster thanks to: @scandinavianlife.
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People don' want to understand. Regulations will be a good thing for Crypto.
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Thanks for the info. I was wondering what round 2 was all about or if it was just a continuing downtrend.
As far as taxes go, I believe it is risky NOT to claim your crypto on taxes even if the rules are somewhat cloudy. As much as I hate to, I will. That's just me. Don't want a knock on my door a few years from now when they have a handle on crypto. I do see it as an investment like stocks or bonds. JMHO
Yea so if taxes are the regulations we all feared for crypto? Cool!
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I agree, it simply is FUD. If you want to convert into FIAT money, you must pay your taxes. It's a pain but it is something that has to be done, which is why I'm always surprisde with how people react when things get regulated.
I agree with you though, stay in crypto and you won't have to pay it!
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