Korean Crypto Taxation Plans

The South Korean government is”planning to tax cryptocurrencies and initial coin offerings [ICOs],” The Korea Times reported on Monday, citing a written statement by the nation’s incoming finance minister, Hong Nam-ki.

Hong Nam-ki at his confirmation hearing on Tuesday.

President Moon Jae-in nominated Hong month to replace Kim Dong-yeon as the finance minister of the country. He has been serving as the chief of the government policy coordination office, under the office of the prime minister. “Hong must undergo a parliamentary confirmation hearing, even though his nomination isn’t subject to approval by lawmakers,” Yonhap News Agency explained. “In South Korea, Prime Minister is the only cabinet post which requires a vote by legislators.”

On Sunday, Hong submitted written replies to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino program . They had been for his confirmation hearing which took place on Tuesday, the publication noted.

“The taxation plan would be finalized in accordance with the creation and progress of the taxation infrastructure and the trend on global discussions,” Hong was quoted by The Korea Times as saying. He added:

A task force composed of experts from relevant government agencies such as the National Tax Service and the private sector will be formed hammer out the taxation program and to analyze casesbitstarz site >New Finance Minister’s View on Crypto

The South Korean incoming finance minister wrote that”Cryptocurrencies are a new phenomenon and so there is no internationally agreed regulatory framework.” He then confessed that”there are these lingering problems such as the market overheating and investor protection. Therefore, we need to be cautious in building the regulatory framework.”

Regarding ICOs, he reiterated that they are banned. Nonetheless, he noted that the government would carefully consider them”after seeing market conditions, international trends and investor protection issues,” elaborating:

We’ll determine our policy orientations on ICOs with agencies after reviewing the results of the regulator’s market survey and receiving feedback from experts.

Additional Hong justified the government’s decision to exclude crypto exchanges from the class of startup businesses, thereby eliminating the tax advantages they currently enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were vulnerable to prohibited acts and were merely a broker service independent from blockchain technology,” The Korea Times conveyed.

What do you think of South Korea’s crypto taxation plans? Tell us in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.info