The South Korea government will be collecting a 24.2% tax from the country’s cryptocurrency exchanges.

mkrvx0 (28)in #bitcoin • 7 years ago (edited)

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The government last month banned the opening of new virtual accounts for cryptocurrency investors and required virtual currency traders to change their virtual accounts to real-name ones.
In the past days, the South Korea Government was trying to find a solution for Cryptocurrencies and Crypto Exchanges regulations.
Today the answer: the South Korea Government will be collecting a 22% corporate tax and a 2.2% local income tax from the country’s cryptocurrency exchanges.

Among the exchanges based in South Korea, Bithumb, according to the Yonhap report, "is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities."

What is more, exchanges should pay the corporate tax on incomes earned during last year, by March, and the local income tax by April.

The South Korean public has fought back with a petition to stop the recent government regulations. After reaching the necessary 200,000 signatures, the petition is currently awaiting an official response from the government.