South Korean Prime Minister nominee to look into controversial crypto tax law

Kim Boo-kyum, just lately nominated as Prime Minister by South Korea’s President Moon Jae-in, has mentioned he’ll look into the nation’s crypto tax law.

According to a report by KBS World, the Prime Minister nominee is eager to make sure that there aren’t any victims of the crypto tax law coming into effect in January 2022.

Kim’s feedback come amid rising opposition to the incoming crypto tax regime. Tensions have been additional stoked after Eun Sung-soo, chairman of South Korea’s Financial Services Commission, argued that cryptocurrencies didn’t have any intrinsic worth.

Eun’s feedback, a typical chorus amongst crypto critics, got here throughout an look earlier than the National Policy Committee earlier in April. The FSC chairman dismissed the necessity for nuanced crypto rules, including “If you start protecting investments that have the ability to soar up to 20% a day, more and more will start heading in that direction.”

Crypto proponents reportedly angered by Eun’s remarks submitted a petition to South Korea’s Blue House calling for the removing of the FSC chairman. This, the third such petition regarding crypto rules in the previous few months, accused the monetary regulatory chief of “double standards.”

Commenting on Eun’s controversial remarks, Prime Minister nominee Kim downplayed the matter, stating that the FSC chairman possible meant to “cool down the market.”

However, Eun shouldn’t be the one crypto critic in South Korea’s monetary regulatory house. Lee Ju-yeol, governor of the Bank of Korea has additionally taken goal at cryptocurrencies, calling the present bull market “abnormal” whereas rejecting the utility of digital currencies within the funds area.

Meanwhile, crypto continues to come under strict control measures in South Korea with regulators asserting plans to crack down on illegal cryptocurrency transactions.

Back in March, the FSC amended its financial reporting rules to embrace cryptocurrencies. Exiting crypto companies now have till September to start complying with reporting requirements or danger jail phrases for his or her executives.

The nation’s tax authority can also be specializing in the use of cryptocurrencies to evade taxes. As beforehand reported by Cointelegraph, the City of Seoul just lately seized about $22 million in virtual currencies from tax delinquents.