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 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 has been serving under the 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 app. They had been for his confirmation hearing which took place on Tuesday, the publication noted.

“The taxation program would be finalized in accordance with the creation and improvement 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 experts from relevant government agencies including the private sector and the National Tax Service will be formed to analyze overseas cases and hammer out the taxation planbest online bitcoin casino baccarat bitcoin casino provably fair >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 cautious 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, international trends and investor protection issues,” elaborating:

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

Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the category of startup businesses, thereby eliminating the tax benefits they enjoy. He believes 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 programs? Let us know in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.net