Korean Crypto Taxation Plans
The South Korean government is”planning to taxation 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 to replace Kim Dong-yeon as the finance minister of the country. He has been serving under the minister’s office. “Hong must go through a parliamentary confirmation hearing, though his nomination isn’t 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 answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly and best bitcoin casino program . They were for his confirmation hearing which took place on Tuesday, the publication noted.
“The taxation program 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 consisting of experts from government agencies including the private sector and the National Tax Service will be formed to examine examples and hammer the taxation plan outTrusted betcoin casino >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 such lingering problems such as 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. 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 agencies after receiving feedback from experts and reviewing the results of the market survey of the regulator.
Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class , thereby eliminating the tax benefits they currently enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were exposed to prohibited 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? Let us know in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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