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 to replace Kim Dong-yeon as the country’s finance minister. He has been serving 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 which 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 program . They were the publication noted.
“The taxation program would be finalized with respect to 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 consisting of specialists from government agencies including the private sector and the National Tax Service will be formed hammer out the tax plan and to examine examplesBtc casino review bitcoin casino top >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 acknowledged that”there are such 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 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 financial regulator and getting feedback from experts.
Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class advantages they enjoy. He believes that”the exclusion reflected the criticism that crypto exchanges were exposed to prohibited acts and were merely a brokerage service independent from blockchain technology,” The Korea Times conveyed.
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