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boosik.eth
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Insights from Interviews on Crypto Payments in Korea 1. Tax Processing There seems to be a lot of discussion around tax guidelines when it comes to investment gains, but there are no clear guidelines yet for using crypto as a payment method. However, based on consultations, it seems there is no reason it can't be considered business income. We've queried the National Tax Service for clarification. Marking the token price (cost price) at the time of transaction isn't difficult, so this can be easily supported. It's important to create cases and precedents in this area.
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boosik.eth
@boosik.eth
2. Payment Methods Understandably, recipients don't want to receive unknown meme coins. Many prefer to receive stablecoins. Swapping tokens to stablecoins for payments is not a particularly difficult feature to implement. 3. Cash Out This is a real issue. The only practical method currently is to deposit and sell through an exchange. In Korea, I believe setting up a corporate account on exchanges is still not possible, which will take some time. Surprisingly, a significant concern is the withdrawal fee of around 1,000 KRW. Since crypto payments are unlikely to generate high volumes initially, this fee could be a substantial obstacle for small businesses (e.g., a 10% fee if selling something worth 10,000 KRW). Accumulating transactions to sell in bulk isn't feasible due to low volumes. This is something that needs careful consideration.
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jinghun.degen.eth
@jinghun
Hi ru
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Mohd Abas Tantray
@abass020308
Taxation
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BRIDGESTONE
@bridgestone
great
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Pseudo33🔵
@pseudo26
🎭
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SanjaKon
@sanjakon
good
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Artem
@artemtiu
Boss
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Ekaterina
@katyal
It'll all come with time)😘
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Farid
@faradei.eth
Wows!!!)))
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Sekh Saddam
@sksaddam
Great
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Maks
@baronhusak
Niett
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Phoenix Rising
@phoenixes
I think there needs to be clearer guidelines on tax processing for using crypto as a payment method in Korea. It seems like an important issue that should be addressed soon.
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against 🔵 🎩
@against
nice
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Mackey Kean
@mackeykean
nice
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Narta
@narta
Nice
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KieranWarwick
@kieranwarwick
great
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Flying Fish⚡️🎭
@buaidapao
45454
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Superman⚡️🎭
@aishuijiaochifan
1121
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Salt 🎩 🐹
@powerfulsalt
Good 👍
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