South Korea prepares to remove prohibition to execution ICO

[Bourne323]

The government of South Korea is ready to change official position on crypto market and to legalise in the country ICO. In July 2017 the government of South Korea admitted bitcoin legal tender, allowing fintech companies to process payments up to 20000 $. On 22nd January the government of South Korea declared of introduction of taxes for cryptocurrency stock exchanges: 22% of the profits tax of the company and 2,2% of local profits tax. However 29th May National Assembly offered to legalise again ICO in the country. Though plans to permit execution ICO was began last December, it is no wonder that official application was made more recently, when in the government has great interest again to creation of the blockchain-infrastructure. When Khong Wi Pak head of Democratic party of Korea, first says that Korea has no other choice, except to permit execution ICO
Source link

[bL4nkcode]

Where do you saw this article? can you link it here? and it seems your post is just copy pasted from the article so better do that or else you will be banned here for copy-pasting. Anyway it might be a good news but they should make a strong regulation about it since most of this ICOs are scam.

[Bourne323]

Where do you saw this article? can you link it here? and it seems your post is just copy pasted from the article so better do that or else you will be banned here for copy-pasting. Anyway it might be a good news but they should make a strong regulation about it since most of this ICOs are scam.

Go to Source link at the end of post. Yes it is real , i read this article on cryptonewmedia and decide to share it with all.

[hugeblack]

I do not want to be negative, but I have read the same article several times since the past months. "I didn’t remember the exact date but the end of last year."
I hope that regulation's news will lead to a healthy market because most of these ICOs campaigns have mainly become a scam.
I hope not to use such news to promote ICOs and thus scam people

[yrrehc16]

Where do you saw this article? can you link it here? and it seems your post is just copy pasted from the article so better do that or else you will be banned here for copy-pasting. Anyway it might be a good news but they should make a strong regulation about it since most of this ICOs are scam.

you better read it till the end brother!
there is a LINK on that post for the support of the post.
i will paste it here for you.
https://cryptonewmedia.press/2018/06/30/south-korea-reviews-its-stance-on-crypto-to-become-blockchain-haven/

[Hughes_Ryan]

If this is true then surely this news will positively affect the price of the market. We need more information like this every day. But I do not appreciate Korea's ICO projects

[Bourne323]

Yes it's true. This decision has been under discussion since december. Surely good news, more trusted ico more development

[kevoh]

Yes it's true. This decision has been under discussion since december. Surely good news, more trusted ico more development

Off the back of a big court case loss by Indian crypto exchanges and traders to their Reserve Bank of India, I can boldly say this piece of news from South Korea comes as breath of fresh air in cryptosphere as there as been lack of good news recently. However the article states that there is a taxation framework for cryptocurrencies that will be released soon, hopefully the taxation framework will not be strangulating for the average Korean Crypto enthusiast.

[Gozie51]

If this is true then surely this news will positively affect the price of the market. We need more information like this every day. But I do not appreciate Korea's ICO projects

Surely, it is a good news and who knows what news is helping the market improve. The Korean government have been on the news for sometime now.

[KingdomHearts]

The government of South Korea is ready to change official position on crypto market and to legalise in the country ICO. In July 2017 the government of South Korea admitted bitcoin legal tender, allowing fintech companies to process payments up to 20000 $. On 22nd January the government of South Korea declared of introduction of taxes for cryptocurrency stock exchanges: 22% of the profits tax of the company and 2,2% of local profits tax. However 29th May National Assembly offered to legalise again ICO in the country. Though plans to permit execution ICO was began last December, it is no wonder that official application was made more recently, when in the government has great interest again to creation of the blockchain-infrastructure. When Khong Wi Pak head of Democratic party of Korea, first says that Korea has no other choice, except to permit execution ICO
Source link

Quite good to see they declared it legal but how are they charging tax from it? Unless they are charging direct tax to the companies that are into the crypto business.

I don’t see anywhere it will be possible for them to charge users direct tax, it will never be possible for them, cause this is a decentralized currency and you can’t be charging non-citizens tax. So I believe that the only way they are doing it is charging companies that are located in their country taxes and not individuals.

[icorecord]

The government of South Korea is ready to change official position on crypto market and to legalise in the country ICO. In July 2017 the government of South Korea admitted bitcoin legal tender, allowing fintech companies to process payments up to 20000 $. On 22nd January the government of South Korea declared of introduction of taxes for cryptocurrency stock exchanges: 22% of the profits tax of the company and 2,2% of local profits tax. However 29th May National Assembly offered to legalise again ICO in the country. Though plans to permit execution ICO was began last December, it is no wonder that official application was made more recently, when in the government has great interest again to creation of the blockchain-infrastructure. When Khong Wi Pak head of Democratic party of Korea, first says that Korea has no other choice, except to permit execution ICO
Source link

Quite good to see they declared it legal but how are they charging tax from it? Unless they are charging direct tax to the companies that are into the crypto business.

I don’t see anywhere it will be possible for them to charge users direct tax, it will never be possible for them, cause this is a decentralized currency and you can’t be charging non-citizens tax. So I believe that the only way they are doing it is charging companies that are located in their country taxes and not individuals.

The taxes are yet to be defined. If the country will say that crypto is a commodity or a property then the taxes might be as well taken when exchanged into fiat money. That sounds logical because in this case everybody stays in the same legal field as it was before with a new thing like crypto being introduced.

However we all understand that big players will identify this and the laws will be passed at the right time for big capital to be protected. That is how it usually works.

[palle11]

They should really have there own mind in there decision and not to be waiting for other countries to go in fully first, it is an individual country race base on conviction.  The news have been on for time.

[Bourne323]

For the first time, the gov't of South Korea will recognize crypto exchanges as regulated financial institutions. Previously, crypto exchanges were considered as "communication vendors." Now, they are categorized as crypto asset exchange and brokerage