Korean Crypto Taxation Plans
The South Korean government is”planning to tax 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 in his confirmation hearing on Tuesday.
President Moon Jae-in nominated Hong to replace Kim Dong-yeon as the country’s finance minister. 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 is not 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 program . They had been for his confirmation hearing which 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 international discussions,” Hong was quoted by The Korea Times as saying. He added:
A task force consisting of experts from government agencies such as the National Tax Service and the private sector will be formed to analyze examples that are overseas and hammer out the tax programbitcoin casino exit scam benefits of bitcoin online casino >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 like 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, international trends and investor protection issues,” elaborating:
We’ll determine our policy orientations on ICOs with agencies after receiving feedback 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 enjoy. He believes that”the exclusion reflected the criticism that crypto exchanges were vulnerable 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? Let us know in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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Source: bitcoincasinoreview.net
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