The South Korean government announced on January 22 that it will collect 22% of state corporate tax and 2.2% of local income tax from the country’s crypto-exchanges.
The news of the need to pay these taxes was announced immediately after the completion of an unprecedented anti-money laundering study in six major South Korean banks, which revealed a 36-fold increase in Bank fees charged from virtual accounts linked to crypto-exchange accounts (from 61 million won ($57,340). USA) in 2016 to 2.2 billion ($ 2 million) in 2017).
In 2017, the South Korean Bithumb exchange earned about 317.6 billion won ($295 368 000). Therefore, the government, in accordance with the new tax rules, expects to receive about 60 million won in taxes.
The announced tax rates are for all companies whose annual income exceeds 20 billion won ($ 18.7 million), according to the South Korean tax code.
Previous events in the crypto market of South Korea are also not quite positive.
So, Bithumb cryptocurrency exchange (one of the largest in the world, with a daily trading volume of $ 2.85 billion) was hacked in February 2017, losing bitcoins and ethereums of its users by $7 million This cyber attack, along with several others, has recently been attributed to North Korean hackers.
Recently, the government of South Korea has stepped up work on the regulation of cryptocurrencies. The government has frozen the opening of new anonymous virtual accounts and banned the use of previously opened ones. Trade on crypto-exchanges for minors and foreigners was also prohibited.
The South Korean crypto community sent a petition to the government to abolish the prohibitive measures, which collected 200,000 signatures. An official response from the government is expected.