Local news Agency Yonhap reports that the South Korean government announced Monday, January 22, cryptocurrency exchanges will have to pay 22% corporate tax and 2.2% local income tax.
This announcement occurred immediately after the results of the investigation to the six largest Korean banks, the result of which public was the information about the owners of virtual accounts associated with cryptocurrency exchanges paid commissions to 36 times more than for the same period in 2017 (61 million won (57.340 U.S. dollars) in 2016 and 2.2 billion won (2 million USD) in 2017.
According to Yonhap, the South Korean cryptocurrency exchange Bithumb earned 317,6 billion won (295,368,000 dollars) last year.
The announced tax rates comply with the Korean tax code for all companies whose annual income is more than 20 billion won (18.7 million USD).
Bithumb, which is the largest in the world ciproforuti exchange with a daily turnover of about 2,85 billion dollars, was hacked in February 2017 and lost about $ 7 million in bitcoin and Ethereum. Many cybersecurity experts are inclined to think that it happened as a result of actions by North Korean hackers.
The South Korean government has consistently tightened its policy towards cryptocurrency exchange Commission recently banned the use of anonymous virtual accounts to work on cryptocurrency exchanges. And the Minister of justice stated that he advocated the complete ban on cryptocurrency exchanges in the country. However, the South Korean public is opposed and has collected more than 200,000 signatures for the petition.