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 nation’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 country’s finance minister. He has been serving as the chief of the government policy coordination office, under the minister’s office. “Hong must go through 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 replies 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 improvement of the taxation infrastructure and the trend on global discussions,” Hong was quoted by The Korea Times as saying. He added:

A task force composed of experts from government agencies such as the private sector and the National Tax Service will be formed to examine cases and hammer the tax plan outbitcoin casino live dealer bitcoin casino free money >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 like the market overheating and investor protection. Therefore, we will 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, international trends and investor protection issues,” elaborating:

We will determine our policy orientations on ICOs with agencies after reviewing the results of the market survey of the financial regulator and getting feedback.

Hong justified the government’s decision to exclude crypto exchanges from the category of startup businessesbenefits they 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? Let us know in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.net

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