South Korea Mulls Imposing Taxes on Cryptocurrency ICO

The South Korean government reportedly has plans to tax cryptocurrency and ICOs, despite the lack of a regulatory framework.

Cryptocurrency ICO Taxation Policy

According to The Korea Times, Hong Nam-Ki, Finance Minister nominee, revealed that the South Korean government is planning to tax cryptocurrency and initial coin offerings (ICO). Nam-Ki submitted his written answer before the South Korean National Assembly in response to a question based on taxation of digital currency.

The nominee further stated that the tax method for virtual currencies would be finalized in line with the taxation infrastructure and progress by global stakeholders. Furthermore, Nam-Ki said:

A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan.

With the current ICO ban in South Korea, the Finance Minister nominee said that the government would reach a…