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South Korea Planning ICO and Crypto Taxation

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In accordance with a document presented by Hong Nam-ki, the finance minister nominee, the government tax authorities of South Korea are planning the taxation on Cryptocurrencies and Initial Coin Offerings.

Document submitted to the National Assembly of South Korea

According to Hong Nam-ki, the document shall be concluded by the creation and advancement of tax infrastructure. The document was submitted to the Korean National Assembly.

A special task force shall be appointed to access the document and examine different cryptocurrency taxation plans to choose the most suitable.

The document mentioned cryptocurrency as an electronic sign of value that is issued by private authorities and not by a government bank or financial institutions. The document also stated about more than 2000 crypto that exists in the cryptocurrency world although only about 160 are being traded currently on the exchanges of South Korea.

Hong Nam-ki also focused on Initial Coin Offerings that are currently banned in South Korea saying that ICO market will be examined and monitored carefully.

Source: Coinnounce

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