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’s been serving as the chief of the government policy coordination office, 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 had been for his confirmation hearing that took place on Tuesday, the publication noted.

“The taxation program would be finalized in accordance with the creation and progress of the taxation infrastructure and the trend 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 overseas cases and hammer the taxation plan outbitcoin casino no deposit bonus 2015 ignition casino bitcoin deposit declined >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 these lingering problems such as 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, global trends and investor protection issues,” elaborating:

We’ll determine our policy orientations on ICOs with 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 the category of startup businessesadvantages they enjoy. He considers that”the exclusion reflected the criticism that crypto exchanges were exposed to illegal acts and were merely a brokerage 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.

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

Source: bitcoincasinoreview.net

Leave a Reply