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 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 undergo a parliamentary confirmation hearing, even 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 app. They were the publication noted.
“The taxation program would be finalized in accordance with 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 relevant government agencies including the private sector and the National Tax Service will be formed to examine overseas cases and hammer out the tax programHow does 777Coin bonus >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 these 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, global trends and investor protection issues,” elaborating:
We will determine our policy orientations on ICOs with agencies after reviewing the results of the financial regulator’s market survey and receiving feedback.
Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the category of startup businessesadvantages they currently enjoy. He believes that”the exclusion reflected the criticism that crypto exchanges were vulnerable to prohibited acts and were merely a broker service independent from blockchain technology,” The Korea Times conveyed.
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