Korean Crypto Taxation Plans
The South Korean government is »planning to tax 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 at his confirmation hearing on Tuesday.
President Moon Jae-in nominated Hong month to replace Kim Dong-yeon as the finance minister of the country. He has been serving as the chief of the government policy coordination office, under the minister’s office. « Hong must undergo 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 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 for his confirmation hearing which took place on Tuesday, the publication noted.
« The taxation plan 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 experts from government agencies including the National Tax Service and the private sector will be formed hammer out the tax plan and to examine examplesbitcoin casino no deposit bonus december 2016 usa bitcoin casino with shisa statues >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 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 relevant agencies after receiving feedback and reviewing the results of the regulator’s market survey.
Furthermore, 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 illegal acts and were merely a broker service independent from blockchain technology, » The Korea Times conveyed.
What do you think of South Korea’s crypto taxation programs? Tell us in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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