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.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
