Zero for individuals.   Zero for businesses not registered in Singapore.   But the real plus is virtually no currency controls.   You can take as much money into SG or out of SG as you want.   The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.   

Yes, it's better than ban!
This news give impact to rise price again.
Keep on roll bitcoin
Thanks!

Thats a hell of a percentage for just tax,imaging a businessman making millions or hundred thousand a day or week,imagine how much he would pay in total in each transaction he will be making.Its pretty damn big to be approved and to be requested

This is true. Cointelegraph is a prostitute posing as a cryptocurrency news website because their services are always for sale lol. Its where all of the scammers go if they want more publicity for their latest scams.

Speaking of scams, check the Bitcoin Ore team, yes Ore, in their website.

http://www.bitcoinore.org/#team

Are those people real? The founder on the left's picture is photoshopped to make his eyes look bigger lol.

There are news circulating around the net that South Korea's government will be collecting a 22 percent corporate tax and a 2.2 percent local income tax from the country's cryptocurrency exchanges.

Yes, agree with you that it is better than ban.

Governments taxation of crypto currency was going to happen at some point as soon as they seen they were losing out on a huge amount of revenue they had to be thinking they needed a slice of that. I think we will see more taxation and probably regulation of some form in the future too.

I guess neither. Not a single crypto investor will be interested in investing if they are being taxed this much. Obviously they are still able to trade if they really wanted to and it's not illegal, and trading p2p probably won't get taxed anyways since it's just a fair swap without involving any companies and the government has no way of knowing that a bitcoin exchange has happened. So if you really wanted to rate this news, i guess it's better than banning altogether.

With this new progression, i think we'll see some crypto volume go from Korea back to Japan, where it is already one of the Asia's biggest bitcoin hubs. With the South Korean government not supporting bitcoin, Japan, who legalized bitcoin last year, is going to be the safe haven for investors.

These high tax percentages are basically discouraging big investors from investing. South Korea just didn't want to ban it altogether, but rather be able to collect some revenue.

Every country will put taxes on capital gains made by the traders and it would definitely hurt the profit of traders who do so many things to make small profits.
Still, I say it's a good move from a tech country like South Korea.

First of all, it is good news to legalize cryptocurrencies, because it shows that bitcoin is gradually accepted by people and that tax rates are reasonable. After all, the amount of money involved in bitcoin is quite large.

This report hasn't been officially confirmed yet. If the South Korean government applies this new taxation rates to cryptocurrency exchanges then they would have to pay 24.2 percent of corporate and local income taxes, don't see why this new tax policy would have any significant impact on individual traders.


http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html

https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates