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South Korean authorities are considering the possibility of creating a cryptocurrency tax, Finance Magnates reports.

The Minister of Economy and Finance, Hong Nam-Ki, confirmed that the government is preparing a tax plan through a detailed market research. He explained that South Korea is considering foreign experience in cryptocurrency regulation. The Minister assures that a special commission has already been formed to draft the law, the members of which are experts from the governmental departments and private experts and various private sector companies.

Hong Nam-Ki believes that cryptocurrency is a completely new phenomenon, and a unified international standard for their regulation has not yet been created. According to him, crypto investors are currently not sufficiently protected, and the market for digital assets is overheating. Therefore, South Korea needs to be very careful about the regulation of virtual currencies.

South Korean Crypto Lobby Calls for Action

The official also spoke on the topic of ICO prohibited in the country. Gong noted that they should also be legalized and settled, but only after a transparent base has been created for this and adequate protection is guaranteed to investors.

Recall that the ICO was banned in the country in September 2017. This move has caused a huge wave of discontent among representatives of numerous blockchain startups in the country. Today, many Korean lawmakers have come to the conclusion that the ICO is worth legalizing. Also last month, the South Korean Bar Association appealed to the country's government to create laws that would protect investors in cryptocurrency and encourage the development of blockchain technology within the state.

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