In response to the growing popularity of cryptocurrencies in South #Korea the People Power Party, which holds significant political influence in the country, is proposing another two-year delay in the implementation of #cryptocurrency taxation. This proposal directly fulfills promises made to citizens before the upcoming elections and is aimed at supporting innovation and investment in the digital currency space.
Intent to Expand the Horizons of #Tax Policy
According to recent reports, the People Power Party is actively emphasizing the need for a tax policy that protects the assets and economic well-being of South Korean citizens. Given the lack of a stable regulatory framework and specific regulations for the cryptocurrency market, the party sees the necessity of delaying tax implementation to allow sufficient time for the development and implementation of effective regulatory tools.
Upcoming Regulations and Their Impact on the Market
The government plans to introduce new regulations that will cover areas such as cryptocurrency custody and the token listing process. These steps are considered key to integrating the cryptocurrency sector into South Korea's official financial system, thereby further legitimizing and developing it.
Discussion on Reform and Harmonization of Cryptocurrency Taxes
Current debates at the government level indicate an effort to reform cryptocurrency taxation, with the goal of eliminating taxes on various types of financial investments and aligning tax rates with those applicable to stocks and other traditional financial instruments. This move aims to ensure a fairer tax classification of cryptocurrencies and support their wider acceptance.
Increased Transparency and Ethical Standards
In an effort to increase transparency and prevent conflicts of interest, South Korea has introduced rules requiring public officials to provably disclose their cryptocurrency holdings. These measures are also intended to support the adherence to ethical standards in public administration.
International Dialogue on Regulating the Cryptocurrency Sector
Lee Bok-hyun, a representative of financial oversight in South Korea, plans to lead discussions with Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), aiming to deepen cooperation and coordination in regulating the cryptocurrency industry, including a specific focus on spot bitcoin ETFs.
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