Korean Crypto Taxation Plans Trueflip casino

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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 country’s incoming finance minister, Hong Nam-ki.

Hong Nam-ki at his confirmation hearing on Tuesday.

President Moon Jae-in nominated Hong to replace Kim Dong-yeon as the finance minister of the country. He’s been serving as the chief of the government policy coordination office, under the prime minister’s office. « Hong must go through 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 program . 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 international 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 examples that are overseas and hammer out the taxation programZigZag777 Casino review >New Finance Minister’s View on Crypto

The South Korean incoming finance minister wrote that »Cryptocurrencies are a new phenomenon and so there’s 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 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 applicable agencies after reviewing the results of the market survey of the regulator and getting feedback from experts.

Additional Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ category advantages they currently enjoy. He believes 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 programs? Tell us in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.net