The South Korean government is going to amend the legislation, in which local crypto currency exchange risk the loss of eligibility to receive tax benefits.
Now Korean cryptocurrency trading platform fall under the category of start-UPS or small and medium enterprises (SMEs). Under existing regulations, companies can request a reduction in the tax rate. In the first five years — 50 or even 100%, and further 5 to 30 percent.
But on Monday came the information that, in the opinion of the local government, the activities of cripture “is not effective in creating added value.” So by the end of summer revised bill will be sent to the Parliament, which will discuss its feasibility, and in the case of adoption, the date of entry into force.
The authorities stressed that the deprivation of tax privileges of research does not threaten the blockchain startups and companies working to create new products.
We will remind that some days ago the South Korean financial services Commission appealed to the government to expedite the adoption of the law on cryptocurrencies.
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