Korean Crypto Taxation Plans
The South Korean government is”planning to taxation 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 to replace Kim Dong-yeon as the country’s finance minister. He has been serving 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 that requires a vote by legislators.”
On Sunday, Hong submitted written answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino app. They had been the publication noted.
“The taxation program would be finalized with respect to the creation and progress of the taxation infrastructure and the tendency on global discussions,” Hong was quoted by The Korea Times as saying. He added:
A task force composed of specialists from relevant government agencies such as the private sector and the National Tax Service will be formed hammer out the tax plan and to examine examplesthe best bitcoin casino faucet bitcoin casino welcome bonus bovada >New Finance Minister’s View on Crypto
The South Korean incoming finance minister wrote that”Cryptocurrencies are a new phenomenon and so there’s no internationally agreed regulatory framework.” He then confessed that”there are such lingering problems like the market overheating and investor protection. Therefore, we need to be careful 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, global trends and investor protection issues,” elaborating:
We’ll determine our policy orientations on ICOs with relevant agencies after getting feedback and reviewing the results of the regulator’s market survey.
Additional Hong justified the government’s decision to exclude crypto exchanges from the category of startup businessesadvantages they enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were exposed to illegal acts and were merely a broker service separate 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.
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