South Korean Finance Minister Nominee Says Govt Will Tax Crypto

 

 

 

South Korean finance minister nominee Hong Nam-ki reportedly suggested that the government will draw up plans to tax digital currencies, according to reports from the Korea Times. The Times quoted recent written remarks Hong submitted as part of his confirmation process:

"A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan."

In his written answers to the National Assembly, the nominee acknowledged that there was not yet an international consensus to address regulation and said that any regulatory framework should be built in a careful way. As for the tax plan, Hong said that its final form would be dependent upon the development of a crypto tax infrastructure and other relevant international trends.

Hong left the door open to policy changes for initial coin offerings (ICOs) as well, noting that any decision on lifting the current ban on those offerings would be based on the government’s assessment of market conditions, global trends, and the industry’s efforts to protect investors:

"We will determine our policy orientations on ICOs with relevant agencies after reviewing the results of the financial regulator's market survey and getting feedback from experts."

 

 

 

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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