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 country’s finance minister. He’s 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 which requires a vote by legislators.”
On Sunday, Hong submitted written answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino program . They were the publication noted.
“The taxation plan would be finalized with respect to the creation and progress 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 specialists from relevant government agencies such as the National Tax Service and the private sector will be formed to examine examples that are overseas and hammer out the tax planoshi rating >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 acknowledged 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 currently banned. 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 getting feedback and reviewing the results of the regulator’s market survey.
Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the class of startup businessesadvantages they enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal acts and were merely a brokerage service independent from blockchain technology,” The Korea Times conveyed.
What do you think of South Korea’s crypto taxation plans? Let us know in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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