South Korea loosens its grip, with regard to the regulation of crypto-currencies. After a long Back and Forth one wants to Orient themselves to the gemutmaßten decisions taken at the upcoming G20 summit. Therefore, they wanted to classify crypto currencies in the future as an Asset. A country that does not know how to deal with crypto-currencies work around.
South Korea and regulation are an issue that haunts time and again by the crypto world. The government is considering a complete ban. Then the people will submit an application and the government under pressure to act. Shortly after, the government decides to control the theme of identity, after it was users is only possible with clear name of the stock exchanges have to register.
Orientation of the G20 Nations
And now the regulators back row in the country, apparently. As the Korean Times reported, if you wanted to reconsider, especially the Status of crypto-currencies. Because of its speculative component of crypto currencies are considered to be in South Korea at the moment as non-financial Assets. Here they wanted to focus on in July of the upcoming G20 summit. Here is a categorization of Bitcoin and other crypto is currencies as an Asset class is likely. This arrangement they wanted to join in South Korea:
“It is virtually certain that crypto-currencies are classified as Assets. The main question will be about how to regulate reasonable under the framework of the G20 Nations. In view of the current approach is not good, but we will try to improve the things“,
a Statement from the Korean financial supervision to Korean Times.
Furthermore, the tax authority with the Ministry of Finance in contact, in order to collect actionable data. On the Basis of these data we wanted to find a solution to the taxation. Currently, there is no tax you have to pay on profits from crypto-currencies.
ICOs stay according to the current state of knowledge, however, prohibited a Change in the guidelines, the government has no plans here, apparently.