South Korea readying a tax on cryptocurrencies and ICOs
|- Incoming South Korea finance minister notes a meeting was held, on cryptocurrency industry tax in the country.
- It is still in early stages, however cryptocurrencies and ICOs will be facing taxes.
South Korea’s incoming finance minster Hong Nam-Ki detailed that a meeting was held with the Democratic Party in the country, noting that the financial related authorities are looking to introduce a cryptocurrency tax.
The proposed tax will be covering cryptocurrencies and also ICOs – Initial Coin Offerings. Factors are being discussed through the ministry and will be detailed only after they have consulted with experts on this.
It is being planned that a working group on this, consisting of government agency specialists within; National Tax Service and the private sector. They are said to take into consideration the best global taxation practices when forming a decision. Details at this time are too early to speak of a final version at this stage, according to the incoming finance minister.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.