Sung Tae-Yoon, an economist from Korea’s Yonsei University, believes that the introduction of cryptocurrency taxation in South Korea may slow down the development of this industry.
Sun Tae-Yong stressed that the introduction of taxation for the market, which is still in its infancy, is a “premature” decision. The economist is concerned that taxes on cryptocurrency transactions may hinder the development and prosperity of the industry in the country.
“Cryptocurrencies cannot be considered as a universal asset, like traditional paper currencies,” he stressed.
However, not everyone shares sun Tae-Yong’s opinion. For example, economist Kim Jin – ill of Korea University believes that market regulation is necessary, even though growth is slowing.
Note that the Korean government plans not only to tax cryptocurrencies, but also to reform its tax system. According to South Korean Finance Minister Hong Nam-Ki, tax reform bills will be presented next month.