julio 28, 2017 | Posted in:Blog
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 country’s finance minister. He has been serving under the 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 answers 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 plan would be finalized in accordance with the creation and improvement of the taxation infrastructure and the tendency on international discussions,» Hong was quoted by The Korea Times as saying. He added:
A task force consisting of specialists from government agencies including the private sector and the National Tax Service will be formed to analyze examples and hammer the taxation program out >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 cautious 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 watching market conditions, international trends and investor protection issues,» elaborating:
We will determine our policy orientations on ICOs with agencies after getting feedback and reviewing the results of the market survey of the regulator.
Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the class of startup businessesadvantages they currently enjoy. He considers that»the exclusion reflected the criticism that crypto exchanges were exposed to prohibited 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 plans? Tell us in the comments section below.
Images courtesy of Shutterstock and Yonhap News Agency.
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