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 country’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 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 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 were the publication noted.
“The taxation program would be finalized with respect to the creation and progress of the taxation infrastructure and the tendency on international discussions,” Hong was quoted by The Korea Times as saying. He added:
A task force composed of experts from government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation planbc casino bitcoin gambeling bitcoin casino us bonus >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 like 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 currently banned. Nonetheless, he noted that the government would carefully consider them”after watching market conditions, global trends and investor protection issues,” elaborating:
We will determine our policy orientations on ICOs with applicable agencies after reviewing the results of the market survey of the financial regulator and receiving feedback.
Hong justified the government’s decision to exclude crypto exchanges from the category of startup businessesbenefits they currently enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were vulnerable to prohibited 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 plans? Tell us in the comments section below.
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Source: bitcoincasinoreview.net
