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boosik.eth
@boosik.eth
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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boosik.eth
@boosik.eth
4. Security Despite advancements in wallet technology, it seems only those particularly concerned with security or those who have had bad experiences use 2FA. Many still rely on ID-password combinations without setting up two-factor authentication. We need to think about how we can assist users in this area.
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