South Korea is considering taxing cryptocurrencies

Deniz Kılınç / Istanbul, Dec. 5 (DHA) – South Korean Finance Minister Hong Nam-Ki has announced that the ministry is considering imposing taxes on cryptocurrency trading in the country.
According to local news outlets, during his meeting with South Korea’s Democratic Party that the taxation plans are being studied at the moment which will be decided upon consultation with the financial experts and studying foreign taxation regulations.
As per the ministry, the plans referred to are reportedly still in their initial stages and might witness many modifications before they finally see light amid expectations they will contribute the country’s economy under the demand for digital currencies have in the country.
While the ministry statement notes that the plans will also include taxing the ICOs (Initial Coin Offerings), protecting the customer is one of the basic reasons that pushed for considering taxing both cryptocurrency and ICOs, especially with the uncontrolled movement of the market triggering alarms in many aspect of risks.