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 in 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 as the chief of the government policy coordination office, under the office of the prime minister. “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 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 examples and hammer out the taxation plan777coin casino review >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 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 applicable agencies after reviewing the results of the market survey of the financial regulator and receiving feedback from experts.
Furthermore, Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class benefits they currently 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? Tell us in the comments section below.
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