{"id":1416,"date":"2018-12-06T12:34:40","date_gmt":"2018-12-06T12:34:40","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=1416"},"modified":"2025-06-06T14:43:12","modified_gmt":"2025-06-06T14:43:12","slug":"south-korea-ico-regulation-plans-tax-despite-no-framework","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/","title":{"rendered":"South Korea ICO Regulation Plans Tax Despite No Framework"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#South_Koreas_cautious_ICO_regulation_stance\" >South Korea\u2019s cautious ICO regulation stance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#In_conclusion\" >In conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p data-pm-slice=\"1 1 []\">South Korea ICO regulation has become a hot topic. The government reportedly plans to tax ICOs and cryptocurrency transactions. This move comes despite the absence of a formal regulatory framework in the country. It highlights the authorities\u2019 intent to control and benefit from the growing crypto market before comprehensive legislation is established.<\/p>\n<p>The Korea Times reported that Finance Minister nominee Hong Nam-Ki disclosed these plans. He responded to a question in the South Korean National Assembly about the taxation of virtual assets. Nam-Ki submitted his answer in written form.<\/p>\n<p>He also stated that the tax system for cryptocurrencies would be developed in line with global taxation standards. Nam-Ki said, \u201cA task force of experts from government agencies, including the National Tax Service and the private sector, will study overseas examples and create the taxation plan.\u201d<\/p>\n<p>Considering the current ban on ICOs in the country, Nam-Ki said the government will study various factors before deciding its stance on ICOs. These factors include global trends, market conditions, and investor protection.<\/p>\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"South_Koreas_cautious_ICO_regulation_stance\"><\/span>South Korea\u2019s cautious ICO regulation stance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">Furthermore, the nominee stated that the government would form its position on ICOs based on a survey by the financial regulatory market and experts.<\/p>\n<p>Regarding digital currencies, Nam-Ki called them \u201ca phenomenon with no generally accepted regulatory structure.\u201d He added that the industry, with 2,000 cryptocurrencies traded globally and 160 in South Korea, should be regulated carefully.<\/p>\n<p>The Finance Minister nominee also assured that the government would \u201cnurture blockchain technology.\u201d He said about 90 percent of businesses can be classified as blockchain-related. Besides digital currency exchanges, these include many venture companies.<\/p>\n<p>So far, the South Korean government has not introduced a standard regulatory framework for its cryptocurrency industry. In the second quarter of 2018, it announced plans to regulate cryptocurrency exchanges. However, less than a week later, the regulations were postponed without explanation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"In_conclusion\"><\/span>In conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">South Korea ICO regulation is attracting attention as the government is <a href=\"https:\/\/icoholder.com\/blog\/bearish-market-investment-strategy-how-to-invest-wisely\/\">currently planning<\/a> to tax ICOs and cryptocurrency, despite the absence of a formal regulatory framework in the country. This development was disclosed by the country\u2019s Finance Minister nominee, Hong Nam-Ki, during his appearance before the South Korean National Assembly, signaling a move toward tighter fiscal oversight of the crypto sector even before specific laws are enacted.<\/p>\n<p>Subscribe to the ICOholder newsletter to get other latest news in the cryptocurrency sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea ICO regulation has become a hot topic. The government reportedly plans to tax ICOs and cryptocurrency transactions. This move comes despite the absence &hellip; <\/p>\n","protected":false},"author":4,"featured_media":8334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-1416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea ICO Regulation Plans Tax Despite No Framework<\/title>\n<meta name=\"description\" content=\"South Korea ICO regulation includes plans to tax ICOs and crypto despite no formal framework, said Finance Minister nominee - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea ICO Regulation Plans Tax Despite No Framework\" \/>\n<meta property=\"og:description\" content=\"South Korea ICO regulation includes plans to tax ICOs and crypto despite no formal framework, said Finance Minister nominee - 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IcoHolder.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/","og_locale":"en_US","og_type":"article","og_title":"South Korea ICO Regulation Plans Tax Despite No Framework","og_description":"South Korea ICO regulation includes plans to tax ICOs and crypto despite no formal framework, said Finance Minister nominee - IcoHolder.","og_url":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/","og_site_name":"ICOholder Blog","article_publisher":"https:\/\/www.facebook.com\/icoholdercom\/","article_published_time":"2018-12-06T12:34:40+00:00","article_modified_time":"2025-06-06T14:43:12+00:00","og_image":[{"width":825,"height":460,"url":"https:\/\/icoholder.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot_426.jpg","type":"image\/jpeg"}],"author":"Gail Nkopuruk","twitter_card":"summary_large_image","twitter_creator":"@icoholder","twitter_site":"@icoholder","twitter_misc":{"Written by":"Gail Nkopuruk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#article","isPartOf":{"@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/"},"author":{"name":"Gail Nkopuruk","@id":"https:\/\/icoholder.com\/blog\/#\/schema\/person\/54a990b8d7d478708ba1149aba9e2f2e"},"headline":"South Korea ICO Regulation Plans Tax Despite No Framework","datePublished":"2018-12-06T12:34:40+00:00","dateModified":"2025-06-06T14:43:12+00:00","mainEntityOfPage":{"@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/"},"wordCount":397,"commentCount":0,"publisher":{"@id":"https:\/\/icoholder.com\/blog\/#organization"},"image":{"@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#primaryimage"},"thumbnailUrl":"https:\/\/icoholder.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot_426.jpg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/","url":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/","name":"South Korea ICO Regulation Plans Tax Despite No Framework","isPartOf":{"@id":"https:\/\/icoholder.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#primaryimage"},"image":{"@id":"https:\/\/icoholder.com\/blog\/south-korea-ico-regulation-plans-tax-despite-no-framework\/#primaryimage"},"thumbnailUrl":"https:\/\/icoholder.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot_426.jpg","datePublished":"2018-12-06T12:34:40+00:00","dateModified":"2025-06-06T14:43:12+00:00","description":"South Korea ICO regulation includes plans to tax ICOs and crypto despite no formal framework, said Finance Minister nominee - 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