• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
Crypto

South Korea Postpones Crypto Taxations; Repeals 2017 ICO Ban

anushsamal by anushsamal
1 year ago
in Crypto News
0

South Korea’s incumbent president Yoon Suk-yeol has decided to delay the crypto taxation by reportedly wanting to adopt a different regulatory framework.

President-elect Yoon is quite firm on remaining crypto-friendly as he might lift the ban on Initial Coin Offering (ICO) that was imposed in 2017.

This move is one of the many other important actions that Yoon’s Presidential Transition Committee shall be working on in order to remain friendly towards digital assets.

The motive behind doing so includes providing an appropriate environment for investors to trade digital assets with ease.

The delay in planned taxation can be amounted to an absence of a proper taxation system along with fitting measures that are supposed to safeguard investor interest.

South Korea is now the latest country that has set out to reform digital asset regulations by relaxing them further.

The Lift Of The ICO Ban Is A Part Of A Broader Crypto Pledge

The approval of the ICO is just one of the other 110 tasks that the Presidential Transition Committee has decided to execute.

Regulatory measures and plans have been divided into two segments, one that segregates securities  from non-securities.

The to-be confirmed nominee for deputy prime minister and finance minister, Choo Kyung-ho has supposedly said that the taxation from 2025 can be expected to be a lot more crypto-friendly.

It could be the case because a clear and concrete legally accepted definition of cryptocurrency assets is supposedly soon to be released.

The current proposed bill shall be closely observing and accessing the listing and insurance processes of digital assets.

Reports from local outlets say that the Digital Asset Framework Act just wants to ensure a safe and certain environment for investors to gain confidence.

The report also stated that, in terms of maintaining a regulatory stance, the committee shall follow the viewpoint of international financial institutions such as the Bank of International Settlements (BIS) and US executive agencies.

Related Reading | Cardano, Ripple Make Most Popular Crypto List In South Korea

Crypto Has Seen Considerable Gain In Usage

Yoon Suk-yeol is reportedly of the opinion that deferring the taxation on crypto-gains is the correct way to go till the Digital Asset Basic Act (DABA) is passed.

The ban in 2017 on ICO was imposed owing to the nature of the asset which is a highly volatile asset along with many illegal and criminal activities being facilitated by the same.

The cryptocurrency regulation framework in South Korea has been relaxed of late, in 2020, cryptocurrency in the country was regulated and legalised.

Since President-elect Yoon Suk-yeol has stayed firm on introducing crypto taxation only when a proper protection framework is introduced, the crypto tax law will not come into effect before 2024.

No specific taxation scheme and standard has been decided on, however, the finance ministry of the country might re-classify returns on the digital asset as “other income”. The profits from the digital asset will be considered in the same category and that means falling under the 20% bracket.

Tax levied on “other income” is comparatively high, however, it still is a lot less compared to tax imposed on cryptocurrency currently, which can go as high as 42%.

Suggested Reading | Samsung Throws In $25 Million In South Korean Metaverse Startup DoubleMe

Crypto
Bitcoin was seen trading at $35,000 on the four-hour chart. Image Source: BTC/USD on TradingView
Featured image from UnSplash, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

anushsamal

anushsamal

Related Posts

UAE Crypto License in Sight: Gemini Exchange Makes Move for Regulatory Approval

UAE Crypto License in Sight: Gemini Exchange Makes Move for Regulatory Approval

5 hours ago
TD Cowen Closes Crypto Unit Just One Year After Launch

TD Cowen Closes Crypto Unit Just One Year After Launch

7 hours ago
Dogecoin

Dogecoin Breaks Transaction Records In May, But Price Stability Remains Elusive

10 hours ago
crypto

Crypto Under Fire: US Senator Lambasts Its Role In China’s Fentanyl Trade

12 hours ago
Crypto

Binance Blocks Privacy Crypto Trading In France, Italy, Poland, And Spain

1 day ago
Storj and zkSync Era

Storj and zkSync Era Partner to Improve Decentralized Storage Payments

1 day ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    9 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • ron ron token desantis

    The Ascending Trajectory of $RON: Setting the Pace for...

    3 hours ago
  • TMS Network (TMSN) Gives 3000% Profit To Investors While...

    3 hours ago
  • Why are Aptos (APT) and Cardano (ADA) investors shifting...

    3 hours ago
  • Can DeFi Utility Like Uniswap(UNI) Be Possible With...

    4 hours ago
  • Bitcoin Whales Are Diving Into DigiToads as Memecoin Season...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.