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 country’s incoming finance minister, Hong Nam-ki.
Hong Nam-ki in his confirmation hearing on Tuesday.
President Moon Jae-in nominated Hong last month to replace Kim Dong-yeon as the country’s finance minister. He’s been serving as the chief of the government policy coordination office, under the office of the minister. “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 answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino program . They were for his confirmation hearing that took place on Tuesday, the publication noted.
“The taxation program would be finalized in accordance with the creation and progress 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 relevant government agencies such as the private sector and the National Tax Service will be formed to analyze examples that are overseas and hammer out the taxation planbitcoin casino usa code bitcoin casino free spins no deposit >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 these lingering problems such as 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. 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.
Additional Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ category , 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 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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