Taxed Cryptocurrencies And ICOs In South Korea?

Dawid Paluch
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South Korean Financial Ministry is planning to tax Initial Coin Offerings (ICOs) and cryptocurrencies. Hong Nam-ki, South Korea’s new Minister of Economy and Finance, submitted that claim in his written answer for a confirmation hearing at the National Assembly.

Last weekend, there was the G20 summit in Buenos Aires. The world leaders have discussed the taxation of cryptocurrency across the world. The new platform could start in 2019. Now, South Korea is trying to devise rights concerning ICOs and virtual coins.

Change of course

Hong Nam-ki is the new Deputy Prime Minister and Minister of Economy and Finance in South Korea. According to The Korea Times, a daily newspaper in the Asian country, Hong said:

“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.”

As of today, ICO is banned in South Korea. However, the newly appointed Minister has a different approach to the cryptocurrency industry. Hong wrote in the statement that virtual coins are “electronics signs of values issued privately.” The Deputy Prime Minister has urged to formulate crypto regulations. He is aware of challenges and problems, but Nam-ki thinks that is the right way.

Hong also wrote that cryptocurrencies are a new phenomenon and a regulatory framework  has to be set. In the end, he added:

“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.”

 

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