South Korea’s Prime Minister Nominee Vows to Look Into Controversial Crypto Tax Law

South Korean President Moon Jae-In’s nominee for the Prime Minister has said that he will review the controversial law to impose a tax on cryptocurrency. Kim Boo-kyum, the next possible premier, expressed his willingness to ensure that nobody falls victim to the new tax law. The new law is set to come into force from January next year.

These comments come amid growing skepticism around the digital tokens, with the head of the country’s financial watchdog claiming that the cryptocurrencies have no intrinsic value.

Moreover, the regulator also dismissed proposals for crypto regulations, saying that if the government protects such assets which soar up to twenty percent a day, more products will start moving this way.

According to the local media reports, the South Korean supporters of the crypto cons have filed an application with the country’s Blue House to dismiss the financial regulator’s head from his position. Over the last few months, it is the third such petition calling for his removal, alleging him of double standards.

When Kim Boo was asked about the FSC head’s comments, he downplayed the issue and maintained that the chairman must be aiming to cool down the market. Still, the FSC head is not the only government opponent of the digital assets, the governor of the South Korean central bank also expressed his concerns over the recent market surge, calling it abnormal.

On the other hand, the government continues to follow a strict policy towards crypto exchanges and regulators announcing their plans of a crackdown on the market. The government agency’s main aim remains to tackle tax evasion and money laundering using digital assets.

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