Korean Crypto Taxation Plans Trueflip casino

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

Hong Nam-ki in his confirmation hearing on Tuesday.

President Moon Jae-in nominated Hong last month 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 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 app. They had been the publication noted.

«The taxation program would be finalized with respect to the creation and progress of the taxation infrastructure and the trend on international discussions,» Hong was quoted by The Korea Times as saying. He added:

A task force consisting of experts from relevant government agencies such as the National Tax Service and the private sector will be formed to analyze overseas cases and hammer out the tax planhow to hide your bitcoin casino bitcoin casino reviews reddit >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 confessed that»there are these lingering problems such as the market overheating and investor protection. Therefore, we need to be careful 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 reviewing the results of the market survey of the financial regulator and getting feedback from experts.

Additional Hong justified the government’s decision to exclude crypto exchanges from startup businesses’ class advantages they enjoy. He considers that»the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal 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? Let us know in the comments section below.

Images courtesy of Shutterstock and Yonhap News Agency.

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Source: bitcoincasinoreview.info



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