Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Crypto News
  • Ministries Offices Refuse To Wield Power over South Korean Crypto Regulations
  • Crypto News
  • Regulation

Ministries Offices Refuse To Wield Power over South Korean Crypto Regulations

Blaine Matta May 18, 2021 2 min read
South Korean Tax Authorities Extend Deadline for Complying with New Laws

South Korean Government Officials still not able to arrive at a consensus with regard to crypto regulation when the highest officials showed willingness not to tighten the rules. Even though various meetings have been held between the concerned, yet the Offices of the country’s Ministries have refused to wield any charge over proposed crypto regulations.

The members of the South Korean Parliament have held several meetings for the purpose of discussing and debating the proposed crypto regulations. The meeting was also convened under “crypto summits” at the Office of the country’s premier where the issues concerning the crypto regulation were again addressed.

An anonymous government official told the media that talks were held between the Prime Minister, the ruling party’s leader, and the Blue House’s Secretary. He however informed that the talks remained unfruitful as there was no consensus arrived at over the crypto regulations. He said that the leadership was not able to find any optimistic solution to the problem at hand because of several reasons.

The unnamed official informed that apparently, no one in any of the country’s Ministries is willing to take the responsibility of solving the problem. Because of this deadlock, now the premier will have to delegate responsibility to the Ministries himself. But until the responsibilities are delegated, the issue will continue to hold its ground.

SBS, a local news outlet, reported that Parliamentarians held meetings and discussed crypto bills that were sent to the National Assembly. Crypto tax, which will be implementable in 2022, also was on the agenda for discussion during the meeting. It was reported by SBS that there were at least 9 or 10 Ministries and state institutions that were connected with the issue at hand. But none is coming forward to take the responsibility of regulating the South Korean crypto industry.

Meanwhile, the virtual assets still remain undefined as “virtual currencies” in the country. An argument is raised as if the Government is not willing to accept “virtual assets” as piece and parcel of “financial assets”.

However, the political party in power i.e. Democratic Party has said that it will prolong the application of crypto tax. The idea is to earn the confidence of the young voters as the upcoming general elections are due soon. In addition, a large portion of the South Korean population is comprised of youngsters. Furthermore, the majority of crypto traders and investors in the country too are part of the youth. It, therefore, makes sense that the youth should be taken into confidence if the ruling party wishes to serve for another term.

Yet still, there is indecision apparent within the South Korean Government with regard to crypto regulation. On one hand, it wants to ensure more votes by convincing the youth that it is in favor of the crypto. On the other hand, it is considering crypto regulation and plans to impose the crypto tax.

Post Views: 627

Continue Reading

Previous: “US Dollars Status as World Reserve in Danger If Bitcoin Isn’t Appreciated”, Says Stan Druckenmiller
Next: Ripple is Partnering up with Sustainability Leaders to Reach its 2030 Go-green Goal

Related Stories

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)
  • Solana (SOL)

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

August 6, 2022
Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC
2 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto News

Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

August 4, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,584.00
0.50%
ethereum
Ethereum (ETH)
$1,990.81
0.27%
tether
Tether (USDT)
$1.00
-0.05%
usd-coin
USD Coin (USDC)
$1.00
-0.04%
binancecoin
BNB (BNB)
$327.31
-1.15%
cardano
Cardano (ADA)
$0.58
3.91%
ripple
XRP (XRP)
$0.386814
1.66%
polkadot
Polkadot (DOT)
$9.36
-1.41%
dogecoin
Dogecoin (DOGE)
$0.078367
7.13%
Uniswap
Uniswap (UNI)
$9.23
2.55%

Recent Posts

  • JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review Suppose you are interested in trading cryptocurrencies but are hesitant to do so due to
  • Alfabtc Review – A Recommended Cryptocurrency Broker

    Alfabtc Review – A Recommended Cryptocurrency Broker

     Alfabtc Review Alfabtc is a competent brokerage firm known for its fast and efficient execution of trade. The
  • Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

    Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

    Cosmos (ATOM) A look at the data for Cosmos (ATOM) shows that on Thursday, it was trading at
  • Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

    On Thursday, Hotbit made a concerning announcement for the entire customer base. The cryptocurrency exchange notified the users
  • Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain Has Been Paying Debt To Galaxy Digital By Cashing Out BTC

    Argo Blockchain has been selling Bitcoin (BTC) that belongs to the blockchain’s holdings. The reason behind selling Bitcoin

Start Trading

Categories

Top Posts

  • Blockchain Technology Will Be Used For Digitally Overhauling Securities Market in China

    Blockchain Technology Will Be Used For Digitally Overhauling Securities Market in China

    Chinese Government has approved a proposal allowing the Securities Regulatory Commission (CSRC) to encourage smart contracts and using
  • Bitcoin’s Market Cap Surpasses $400 Billion For The First Time In History As Price Touches $23K

    Bitcoin’s Market Cap Surpasses $400 Billion For The First Time In History As Price Touches $23K

    Over the past two days consecutively, the world’s largest digital currency by market value Bitcoin (BTC) is trading
  • A Comprehensive Guide about the Tezos (XTZ) Protocol

    A Comprehensive Guide about the Tezos (XTZ) Protocol

    An open-source platform for applications and assets, Tezos (XTZ) evolves by upgrading itself. Upgrades to the core protocol
  • Study Predicts Crypto and Decentralized Finance will Continue Growing in 2022

    Study Predicts Crypto and Decentralized Finance will Continue Growing in 2022

    An intelligence and data firm, S&P Global suggests that decentralized finance and crypto trends will continue their growth
  • JPMorgan Brings in MicroStrategy and Square for Crypto Exposure

    JPMorgan Brings in MicroStrategy and Square for Crypto Exposure

    According to the latest filing made by JPMorgan Chase with the US Securities and Exchange Commission (SEC), they

Archives

You may have missed

JP Crypto Review – a Recommended Crypto Broker
3 min read
  • Brokers
  • Reviews

JP Crypto Review – a Recommended Crypto Broker

August 12, 2022
Alfabtc Review – A Recommended Cryptocurrency Broker
3 min read
  • Brokers
  • Reviews

Alfabtc Review – A Recommended Cryptocurrency Broker

August 10, 2022
Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)
  • Solana (SOL)

Cosmos And Solana Experience Strong Gains While Cosmos Hits Highest Point Since May

August 6, 2022
Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)

Hotbit Explains Why It Suspended Services For Clients Without Providing Resumption Timeframe

August 5, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
  • Alfabtc
  • JP Crypto
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$24,584.000.50%
  • ethereumEthereum(ETH)$1,990.810.27%
  • tetherTether(USDT)$1.00-0.05%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • binancecoinBNB(BNB)$327.31-1.15%
  • cardanoCardano(ADA)$0.583.91%
  • rippleXRP(XRP)$0.3868141.66%
  • SolanaSolana(SOL)$46.73-0.41%
  • polkadotPolkadot(DOT)$9.36-1.41%
  • dogecoinDogecoin(DOGE)$0.0783677.13%
  • UniswapUniswap(UNI)$9.232.55%
  • bitcoin-cashBitcoin Cash(BCH)$145.420.08%