Korea Announces Favorable Tax Policy for BTC
The bitcoin community in Korea is small, but growing, and it seems that governments around the world are taking the US Senate’s recent hearings as a signal to begin determining at least temporary policies regarding our favorite cryptocurrency.
Posted in Korea’s Bitcoin Community on Facebook is a statement from Korea’s National Tax Service stating that Koreans will not be taxed for capital gains on bitcoin for the time being.
While this is clearly good news for the few long-time miners in Korea as well as speculators that have experienced a windfall in the past month, it is important to remember that this is not a good long-term position toward bitcoin. Essentially, the Korean government is taking the stance that bitcoin investments are not real.
Currently, bitcoiners are happier to be left alone by the governments of the world and such a policy supports this in the long term. But if we hope to see bitcoin rise to a more commonly-accepted and competitive currency, we will need governments to recognize that BTC does, in fact, bear value and follow “safe and sane” regulatory procedures. While this is not the time to hold the argument over how much and what kind of regulation would be appropriate and positive, I think that most bitcoiners will agree that we don’t want it to be seen as monopoly money forever. Near-universal recognition and respect is needed.