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’s been serving as the chief of the government policy coordination office, under the prime minister’s office. « Hong must go through a parliamentary confirmation hearing, 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 answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino program . They were for his confirmation hearing that took place on Tuesday, the publication noted.

« The taxation plan would be finalized with respect to the creation and improvement 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 government agencies such as the private sector and the National Tax Service will be formed hammer out the taxation program and to analyze overseas examplesbitcoin casino news india bitcoin casino best slots to play >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 these lingering problems such as 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 watching market conditions, international trends and investor protection issues, » elaborating:

We will determine our policy orientations on ICOs with relevant agencies after getting feedback from experts and reviewing the financial regulator’s market survey’s results.

Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the class of startup businessesadvantages they currently enjoy. He believes that »the exclusion reflected the criticism that crypto exchanges were vulnerable to prohibited acts and were merely a brokerage service independent from blockchain technology, » The Korea Times conveyed.

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

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.info