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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 at his confirmation hearing on Tuesday.

President Moon Jae-in nominated Hong last month to replace Kim Dong-yeon as the finance minister of the country. He has been serving 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 program . They had been the publication noted.

“The taxation program would be finalized with respect to the creation and improvement of the taxation infrastructure and the trend on international discussions,” Hong was quoted by The Korea Times as saying. He added:

A task force composed of specialists from relevant government agencies such as the National Tax Service and the private sector will be formed to examine overseas examples and hammer the taxation program outOshi Casino app >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 confessed that”there are such lingering problems like the market overheating and investor protection. Therefore, we 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, global 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.

Hong justified the government’s decision to exclude crypto exchanges from the class of startup businesses, thereby eliminating the tax 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 separate 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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Source: bitcoincasinoreview.info