South Korea’s Minister Of Economy And Finance Looks At New ICO Crypto Tax Implementations

2018-12-4 07:19

The financial authorities of South Korea, most specifically from the Ministry of Finances, have declared that they are currently considering to create a cryptocurrency tax. The idea was announced by the active minister, Hong Nam-Ki. during a reunion with South Korea’s Democratic Party.

According to him, the ministry is preparing new taxation plans that will be made after consultation with experts and looking at foreign taxation rules, this way, he believes that they can be desirable and work well. The plan is only in early stages yet so it will change a lot before the idea is finally enforced.

The ICO Taxes

Not only trading cryptos will be taxed but Initial Coin Offerings (ICOs) will also be. However, the authorities still do not seem to be completely certain of how it would happen.

They acknowledge that it is important to be very careful when taxing ICOs and that the situation of the market and international trends have to be taken into account as well as ways to protect the customers.

At the moment, ICOs are banned in South Korea but many residents invest in them overseas. By bringing ICOs back and regulating them, the country hopes to actually get some of this money back as it will charge taxes from the people who want to invest in these assets.

The legalization of ICOs is still just a possibility, though, even if the government seems to be genuinely interested in using the assets this way.

Crypto Taxation Gets More Common

While Bitcoin was originally created with a very anti-system view in mind, it is turning out to be quite within the laws recently. Taxation over crypto assets in on the rise in the whole year and the possibility of Bitcoin getting regulated is more and more probable every day.

Countries like Spain are already charging crypto taxes and some others like South Korea and Russia are about to do the same. The state of Ohio, in the United States, is another one that has an interest in the situation. This could mean that the future of the asset will include a lot more regulation than we have previously though.

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