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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 to replace Kim Dong-yeon as the finance minister of the country. He has 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 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 that took place on Tuesday, the publication noted.

“The taxation plan 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 composed of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas cases and hammer the taxation plan outCryptogames site >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 confessed that”there are these lingering problems like 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 currently banned domestically. Nonetheless, he noted that the government would carefully consider them”after seeing market conditions, international trends and investor protection issues,” elaborating:

We’ll determine our policy orientations on ICOs with agencies after reviewing the results of the regulator’s market survey and getting feedback.

Hong justified the government’s decision to exclude crypto exchanges from the category of startup businessesadvantages they enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were exposed to illegal acts and were merely a brokerage 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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Source: bitcoincasinoreview.net