New Finance Minister s View on Crypto bitcoin casino for ale

Korean Crypto Taxation Plans

The South Korean government is”planning to taxation 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 in 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 under the office of the minister. “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 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 free bitcoin casino android bitcoin casino for ale. They were for his confirmation hearing which took place on Tuesday, the publication noted.

“The taxation program would be finalized in accordance with 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 consisting of experts from relevant government agencies such as the National Tax Service and the private sector will be formed hammer out the taxation program and to analyze cases.

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 like the market overheating and investor protection. Therefore, we will need to be cautious in building the regulatory framework.”

Regarding ICOs, he reiterated that they are 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 relevant agencies after getting feedback from experts and reviewing the results of the regulator’s market survey.

Additional 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 illegal 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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