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 in his confirmation hearing on Tuesday.
President Moon Jae-in nominated Hong 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 minister’s office. “Hong must undergo 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 program would be finalized with respect to 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 private sector and the National Tax Service will be formed hammer out the tax program and to analyze overseas casestop 5 bitcoin casino bitcoin casino free faucet >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 acknowledged that”there are these lingering problems such as the market overheating and investor protection. Therefore, we will need to be cautious in building the regulatory framework.”
Regarding ICOs, he reiterated that they are currently banned. Nonetheless, he noted that the government would carefully consider them”after watching market conditions, global trends and investor protection issues,” elaborating:
We’ll determine our policy orientations on ICOs with applicable agencies after reviewing the results of the financial regulator’s market survey and receiving feedback from experts.
Hong justified the government’s decision to exclude crypto exchanges from the class 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 brokerage service separate from blockchain technology,” The Korea Times conveyed.
What do you think of South Korea’s crypto taxation programs? Let us know in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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