+84(4) 3652 2374

Korean Crypto Taxation Plans Trueflip casino

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 at his confirmation hearing on Tuesday.

President Moon Jae-in nominated Hong month to replace Kim Dong-yeon as the finance minister of the country. He’s been serving under the office of the prime minister. “Hong must undergo a parliamentary confirmation hearing, even 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 app. They had been for his confirmation hearing that took place on Tuesday, the publication noted.

“The taxation program would be finalized with respect to 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 consisting of specialists from government agencies including the National Tax Service and the private sector will be formed hammer out the tax plan and to examine overseas examples https://bitcoincasinoreview.info/ >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 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 reviewing the results of the financial regulator’s market survey and receiving feedback.

Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class benefits they enjoy. He believes 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 plans? Tell us in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

Need to calculate your bitcoin holdings? Check our tools section.

Source: bitcoincasinoreview.net