The ICON Foundation, creator of the ICON (ICX) project, has issued an official response to the news that South Korean tax authorities are investigating its technical partner, ICONLOOP. In a statement published on Monday, the chairman of the ICON Foundation, Min Kim, said that the ICON Foundation would not be affected by the investigation, noting that ICONLOOP is operated as a separate entity. The ICON Foundation is a non-profit organization based in Switzerland. In late 2017 it conducted an initial coin offering for the native coin of the ICON blockchain, ICX, raising over $42 million in the process. ICONLOOP is …
Amid the growing opposition to the new cryptocurrency tax regime in South Korea, finance minister Hong Nam-ki confirmed that the government will begin taxing capital gains from crypto trading starting next year. “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” the minister said when asked whether the tax should be delayed until the state has proper industry oversight in place, Reuters reported Tuesday. Hong emphasized that cryptocurrencies like Bitcoin (BTC) will be taxed as “intangible assets,” noting that it was a “misunderstanding” to view them as currencies. The minister also warned that crypto …
A branch of the Russian federal government has recently published a draft of new litigation called “On Digital Financial Assets,” which is focused on enforcing strict cryptocurrency laws in the country. The legislation has not been approved yet and has been in discussion since 2018. The new laws define Bitcoin as property but not legal tender, and propose, among many other things, that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin is planning on developing and revealing a new tax for Bitcoin miners by July 1, but many are skeptical about the government’s …
South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. According to local newspaper E Daily on May 27, the ministry also mentioned including the profits generated by initial coin offerings, or ICOs. This is tantamount to a change in the country’s rhetoric towards ICOs, which are still banned across the country. The report specifies that crypto-to-crypto transactions, such as Bitcoin (BTC), will be “likely” exempt from the proposed amendment and only seeks …
The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022. According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022. On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021. The decision will provide local crypto businesses with more time to adapt to new tax laws. The newly passed amendments stipulate that investors in South …