Korean Crypto Taxation Plans Trueflip casino

Korean Crypto Taxation Plans

The South Korean government is”planning to taxation cryptocurrencies and first 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 finance minister of the country. He has been serving as the chief of the government policy coordination office, under the office of the 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 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 program . They had been the publication noted.

“The taxation plan would be finalized with respect to 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 composed of specialists from relevant government agencies including the National Tax Service and the private sector will be formed hammer out the taxation plan and to examine overseas casesbitcoin casino binary options low dep casino bitcoin >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 domestically. 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 receiving feedback and reviewing the results of the regulator’s market survey.

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 vulnerable to prohibited acts and were merely a broker 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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Source: bitcoincasinoreview.info

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