Kim Dong-Yeon, vice-prime minister of South Korea and minister of Strategy and Finance, has revealed that the government was studying various methods to better regulate the local market of Bitcoin and tax the users of Bitcoin as a result. Elsewhere, South Korea has already presented the main lines of this project.
A regulatory framework set up not to not
The south Korean government and financial authorities are actively discussing the possibility of enforcing a policy on the taxation of Bitcoin. During a press conference, the vice-prime minister Kim said that the government did not include a policy for the taxation of Bitcoin in the amendments of the tax law for the year 2018. However, since the beginning of this year, the south Korean government has put regulatory frameworks in place lightweight for companies and investors in Bitcoin that are structurally similar to those of the policies imposed by the japanese government and the Japan Financial Service Agency (FSA).
South Korea is seeking the model to be the most appropriate
At the present time, the exchange platforms and trading crypto-currencies are free to operate in the two regions, with an intervention and a government monitoring to a minimum. In the framework of a major initiative to facilitate the growth of the japanese market of the crypto-currency, the japanese government has eliminated the consumption tax of 8 % on the Bitcoin last July, in order to maintain the fast growth rate of the japanese industry of Bitcoin. It is likely that the south Korean government is moving towards a tax policy similar to that of the japanese government. In fact, most of the regulatory frameworks provided by the financial authorities in south korea throughout this year, 2017 was intended to ensure freedom and flexibility for companies, as is already done in Japan.
Source : Cointelegraph