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Korean Crypto Taxation Plans Trueflip casino

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 last month to replace Kim Dong-yeon as the country’s finance minister. He has been serving under the office of the minister. “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 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 app. 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 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 experts from government agencies including the private sector and the National Tax Service will be formed to analyze cases and hammer out the tax plana href=”https://bitcoincasinoreview.info/zigzag777-casino-review”>zigzag 777 casino affiliates >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 need to be careful in building the regulatory framework.”

Regarding ICOs, he reiterated that they are banned domestically. 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 relevant agencies after reviewing the results of the market survey of the regulator and receiving feedback from experts.

Furthermore, Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ category advantages 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 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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Source: bitcoincasinoreview.net