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 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 has been serving as the chief of the government policy coordination office, under the minister’s office. “Hong must go through 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 replies 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 improvement of the taxation infrastructure and the tendency 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 to analyze overseas cases and hammer the tax program outonline casino that use bitcoin in usa bitcoin casino us bonus codes >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 acknowledged that”there are such lingering problems like the market overheating and investor protection. Therefore, we 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 watching market conditions, international trends and investor protection issues,” elaborating:
We will determine our policy orientations on ICOs with agencies after reviewing the results of the market survey of the regulator and getting feedback.
Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class , thereby eliminating the tax benefits they enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal acts and were merely a brokerage service independent 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.
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