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 in his confirmation hearing on Tuesday.
President Moon Jae-in nominated Hong month to replace Kim Dong-yeon as the country’s finance minister. He’s been serving under the prime minister’s office. “Hong must go through a parliamentary confirmation hearing, even though his nomination isn’t 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 replies 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 that took place on Tuesday, the publication noted.
“The taxation plan would be finalized in accordance with the creation and improvement 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 specialists from relevant government agencies including the National Tax Service and the private sector will be formed hammer out the tax plan and to analyze overseas examplesonline casino accepts bitcoin best online bitcoin casino bakara >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 such as 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 watching market conditions, international trends and investor protection issues,” elaborating:
We’ll determine our policy orientations on ICOs with relevant agencies after reviewing the results of the market survey of the financial regulator and getting feedback.
Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ category benefits they currently enjoy. He believes that”the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal acts and were merely a broker service independent 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.
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