Korean Crypto Taxation Plans

The South Korean government is »planning to taxation cryptocurrencies and first coin offerings [ICOs], » The Korea Times reported on Monday, citing a written statement by the country’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 as the chief of the government policy coordination office, under the minister’s office. « Hong must undergo a parliamentary confirmation hearing, though his nomination is not 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 answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino app. They were for his confirmation hearing which took place on Tuesday, the publication noted.

« The taxation program would be finalized in accordance with the creation and progress of the taxation infrastructure and the tendency on international discussions, » Hong was quoted by The Korea Times as saying. He added:

A task force composed of experts from government agencies including the National Tax Service and the private sector will be formed to analyze examples that are overseas and hammer out the taxation programcasino reviews are great and casinos gt gt >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 such lingering problems like the market overheating and investor protection. Therefore, we will need to be careful in building the regulatory framework. »

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

We will determine our policy orientations on ICOs with applicable agencies after receiving feedback and reviewing the regulator’s market survey’s results.

Hong justified the government’s decision to exclude crypto exchanges from the category of startup businesses, thereby eliminating the tax benefits they enjoy. He considers that »the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal acts and were merely a brokerage service separate from blockchain technology, » The Korea Times conveyed.

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

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.net